Kaspersky warns of a new crypto scam involving seed phrases, where scammers manipulate inexperienced users on social media to access wallets with fake seed phrases. Victims are lured by the promise of easy profits but end up losing money to gas fees and multi-signature wallet configurations. Crypto scams have resulted in over $2 billion in losses in 2024, with access control breaches being the most significant threat. Pig butchering scams, where fraudsters build trust before stealing funds, have also become prevalent.
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