Received a seed phrase scam asking for help in your DMs? Common scam tactic. Let me at them.

The seed phrase scam seems to have made a resurgence recently, and that is when you get a DM somewhere asking you to help withdraw their “stuck funds” and they also send you the seed phrase for the wallet.

The idea of this scam is that the intended victim will load in the seedphrase into their wallets and realise that there are ERC20 tokens, such as USDC in the wallet that can’t be withdrawn because the wallet does not have enough ETH to cover gas fees for the withdrawal. Then you, as either a good samaritan, or someone looking to withdraw the stuck funds for yourself realize the issue, will be tempted to send eth and then transfer the “stuck funds” to a different wallet.

The scammer however has a script running that detects transfers into the wallet and immediately creates a transaction that transfers the eth that you just transferred in, out. This way you will never be able to manually transfer the stuck funds out.

This can be taken advantage of if the scammer has not setup their tools properly. From inspecting a lot of these wallets, quite a number of them are vulnerable to a faster script.

If you receive such a scam DM, just forward it to me and I’ll see if it’s possible to frontrun their withdrawal using my own tools.

Stay safe out there.

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28 thoughts on “Received a seed phrase scam asking for help in your DMs? Common scam tactic. Let me at them.”

  1. This kinda sounds like you’d then be profiting from people who fall for the scams, or will your front runner bot send the funds back to the original wallet?

    Reply
  2. Something you can do is use the private key of the scammers account, use it to create a permit signature for USDC and transfer the USDC to your account without having to send Ether to the scammers wallet. No need for a faster script.

    Reply
  3. Hello Synclicity. It looks like you might have found a new scam? If so, please report this scam by crossposting to r/CryptoScams, r/CryptoScamReport, or visiting [scam-alert.io](http://scam-alert.io/). For tips on how to avoid scams, [click here](https://www.reddit.com/r/CryptoCurrency/comments/s7srty/crypto_scams_how_not_to_fall_for_them_what_to_do/).

    *I am a bot, and this action was performed automatically. Please [contact the moderators of this subreddit](/message/compose/?to=/r/CryptoCurrency) if you have any questions or concerns.*

    Reply
  4. Your idea is brilliant. You would be creating so much deliciousness for everyone if you were able to record your exploit of the scammer.

    Reply
  5. Every time is see these scams laid out like this I always wonder who the hell falls for this stuff?

    There’s Good Samaritans and there are straight up idiots..

    Reply
  6. Ita easy to scam the scammers by running 3 txes at the same time (from like a geth node): deposit eth, withdraw usdt withdraw usdc.

    The issue is: it’s illegal to scam the scammers…

    Reply
  7. So your advice is for people to help you find people to scam so you can make money..? It’s just the same victims you just want to take there money instead of someone else. Why exactly should anyone help you..

    Reply
  8. I’ve been getting a lot of these scams on Twitter DMs.

    Might be a good place for you to start hunting.

    See below

    ———————————–

    From Jul 30

    >This is my wallet key. 1: festival 2: father 3: pear 4: increase 5: office 6: table 7: agree 8: fix 9: dress 10: defense 11: very 12: pudding.
    >Password private key: 7387e4fe1edeee2f674b4a899f22cf3e9f0976f7a75051d5672c7f141b2d82e3
    >Hello, we are fans of the same blogger. I have 9813USDT in my wallet now, but I don’t know why I can’t withdraw the money. I need this money urgently for medical treatment. Can you help me? If the withdrawal is successful, I am willing to pay 500USDT.

    Reply

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