Seed Phrase Scams

Learn how this scam works and how to protect your My Wallet and funds with simple safety checks.

Scammers are always inventing new ways to fraud people, and one of the most popular scams involves importing someone else’s seed phrase. They promise access to a wallet with a large balance—but it’s a trap.

🥷 How the Scam Works

Here's what scammers do:

1

The Bait

Scammers share seed phrases on social media or forums, claiming they give access to wallets with large amounts of crypto.

2

Wallet Import

The victim imports the wallet using the seed phrase and sees a balance.

3

Gas Fee Trap

To withdraw the funds, the user sends tokens to cover network fees.

4

Automatic Withdrawal

The wallet is set up with an auto-withdraw feature, instantly transferring the deposited funds to the scammers.

5

Funds Lost

Once the funds are sent, the victim loses their crypto.

🕵️ How to protect yourself?

Warning when importing suspicious wallets

My Wallet now automatically warns users when attempting to import a suspicious wallet—this feature helps avoid such fraudulent schemes.

Never use someone else's seed phrase

It’s almost always a scam.

Avoid "easy money" offers

If something sounds too good to be true, it probably is.

Verify everything

Double-check addresses and contracts using blockchain explorers.

Never share your seed phrase with anyone.

If an offer sounds too good to be true, it probably is. Stick to basic security rules to protect your funds.