Binance CEO Richard Teng is warning about a new crypto scam that’s tricking people into giving away their funds. The “share-seed-phrase” scam convinces victims that their wallets are compromised, pushing them to move their assets—straight into the hands of scammers. Here’s how it works and how you can avoid it.
Scammers send fake alerts claiming your wallet has been hacked. To “protect” your funds, they tell you to transfer them to a different wallet—one secretly controlled by them.
This trick works because it preys on fear. Panicked users rush to follow instructions without stopping to verify the warning. By the time they realize it’s a scam, their crypto is gone.
Richard Teng stresses one key point: be skeptical. Scammers use fear and urgency to pressure victims. Here’s how to stay safe:
Crypto scams are becoming more sophisticated, but you can stay ahead by being cautious. Always double-check urgent messages, never share sensitive information, and rely on official sources for security updates. A little skepticism can go a long way in protecting your assets.
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