Explanation of the Seed Phrase Honeypot Scheme 👛

This scheme targets people who think they just got lucky, but it ends with them being robbed.

😮 It starts with a public seed phrase shared in a Telegram group or a random tweet. You see a screenshot with a backup wallet phrase and an attached token balance worth thousands of dollars. It seems someone accidentally leaked their wallet. Some users can't resist the temptation and decide to "rescue" the funds.

😊 They import the wallet into MetaMask or another app, see the tokens, and try to send them to their own wallet. But the transaction doesn't go through; there's no ETH to pay for the gas.

So they send a few dollars in ETH to the wallet to cover the fee. It's at that moment that the scheme is activated.

There's a bot monitoring this wallet 24/7. The moment the gas arrives, it uses that ETH to get ahead of the user and instantly drain the wallet 🤖

This works because the scammer owns the wallet. The token balance is a fake lure, sometimes enhanced with fake contracts or LP tokens that seem valuable but cannot be sold. It's designed to trap people who think they've found free money.

🚫 Never trust leaked seed phrases. If someone "leaked" their wallet with thousands of dollars, ask yourself: why is it still full? The answer is simple: it's a trap, and you are the victim.

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