What are Watch Only Crypto Wallet Scams ?

You may have encountered online that someone approached you saying I have my crypto stuck in a crypto wallet and this is the seed/recovery phrase , can you help me withdraw that money. A similar image is shared from Cryptocurrency Pakistan Facebook Group, where a now-banned user tried to do something similar in his post :

Once you import the wallet into your crypto wallet like Trust Wallet, you can see the funds in your wallet. At this point, the scammer may say that you can pay me a nominal amount and take the wallet for yourself. However, such wallets are watch-only wallets, and you cannot withdraw anything from them. It’s a scam, so avoid and ignore such things if anyone ever approaches you to sell “a wallet.”

A more detailed guide has been prepared for people who are new to crypto or such scams which you can read / watch here.

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