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.”

Scammers also use this tactic to lure people into trying to withdraw funds while connecting the wallet with a drainer , which means if the wallet shows USDT Trc20 , someone not knowing will send Tron (TRX) to the scammer wallet in hopes to be able to withdraw the funds visible on the wallet but as soon as Tron are received in scammer wallet, the drainer will automatically withdraw the TRX and the cycle continues.

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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