There is a new SCAM method you should be wary of

Someone in a Telegram group for a token I currently hold contacted me and asked how to launch a token on the blockchain, along with a few other questions. After some back and forth, he offered to pay me upfront for my help.

At this point, I was certain he was a scammer, but I was curious about how he planned to scam me if he was offering to send money first. So, I decided to continue the conversation casually.

He then explained that he couldn’t send the money to my wallet address because he’d been scammed before by trusting people too quickly. Instead, he asked me to create a new wallet and send him the new recovery phrase, promising to load it with funds.

As we all know, the recovery phrase is private and should never be shared, so I confronted him directly and asked him to stop lying and explain how the scam works. Surprisingly, he was cooperative and told me the details.

It turns out that when you create a new recovery phrase on your wallet app (like Phantom, MetaMask, or others), scammers can use that phrase to access not only the new wallet but also all other wallets your have in your application, allowing them to steal your funds.

I really hope this post helps others avoid falling for scams like this.