A new method of defrauding digital currency users: blackmail by staging wallet theft

The Iranian Blockchain Association has recently reported on a relatively new form of fraud in the digital currency space, where the fraudster first approaches the victim and pretends that their wallet balance is locked or cannot be withdrawn and that they need help recovering their assets. .

He then provides the victim with his wallet recovery password or words for verification. Now, since the fraudulent person still has access to the wallet and has done such a scene with malicious intent, he proceeds to withdraw the balance of the wallet. In the end, he sues the victim with the evidence he has or blackmails the victim by threatening legal action.

Also Read: A Comprehensive Guide to Maintaining Security in the Digital Currency Market

To prevent getting involved in such scams, you should always keep in mind that under no circumstances should you accept the passwords of different accounts or recovery words from someone, and in such situations, only act to help people with the precondition that any Access to the account or wallet remains only in the person’s possession.