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What is TRON Multi-Signature wallet?
“Hey, I have the 12 Secret Recovery Phrases, but I don’t know how to get TRX. Can you please help me to withdraw 10k USDT and then I will give you 5k USDT? ”
“Here are my phrases: THIS IS DEFINITELY THE TRON MULTI SIGNATURE SCAM DO NOT BELIEVE IT.”
So, maybe you are interested in these phrases and you are trying to import them into your TokenPocket APP, right?
LOL! Please be aware of this TRON Multi-Signature SCAM!
What’s the difference between a single-signature wallet and a multi-signature wallet?
The standard transactions on cryptocurrency networks can be called single-signature transactions because they require only one digital signature for a transaction to be done. But for some special public chains like TRON, it has a multi-signature mechanism. The multi-signature gives every signature one weight, the signatures’ total weight of the transactions must reach the customized weight threshold before they can be executed. That means, an account can be managed by several private keys, and the transactions created in one account can be signed by serval private keys. For example, for a single-signature wallet, when you need to execute the transfer operation, you only need to sign once then the operation can be done. But for a multi-signature wallet, the transfer operation needs to be signed several times, the signature amount depends on the threshold.
What are the Multi-Signature Scams?
There are two common multi-signature scams.
The first is the scene at the beginning of this article. The scammers will share the Secret Recovery Phrase or Private Key with you and ask for your help. Ordinary, there is a large number of assets in the wallet, except for TRX. In this situation, users will be attracted by the assets and transfer TRX to this wallet. When they execute the transfer operation, they found that they can’t transfer. Then they finally realized they were scammed. At the same time, the scammers achieved their purpose, which is to get the TRX you deposited.
The second common multi-sig scam is the leakage of the private key or secret recovery phrase. If you’ve shared the private key or secret recovery phrase with the scammers. The scammers can use your private key or secret recovery phrase to change your account’s permission without notifying you. When you transfer the assets to the wallet and want to transfer them out, you will find that your wallet became a multi-signature wallet and your assets can’t be controlled by yourself anymore. Then, the scammers can transfer your assets immediately and you can’t do anything!
How to verify the TRON Multi-Sig wallet?
Open TRON Explorer, enter your TRON wallet address on the search bar, then you can view your assets page.
If the current account’s “Owner Permission” and “Active Permission” are authorized to 2 or more accounts, that’s the Multi-Sig wallet address.
3. Click “View Account Permission”, then you can see another signature wallet address and the weight.
How do prevent Multi-Sign Scams?
1. Don’t believe anyone who sends a private message to you via Telegram, Twitter, or other social media!
ONLY THE SCAMMERS WILL DM YOU FIRST!
2. Don’t share your private key or secret recovery phrase with anyone!
YOUR ASSETS CAN ONLY BE CONTROLLED BY THE PRIVATE KEY AND SECRET RECOVERY PHRASE!
DISCLAIMER The information discussed on the BLOCKCHAIN RAVI YouTube, social media channels including but not limited to Twitter, Telegram chats, Instagram, facebook, website etc is not financial advice. This information is for educational, informational, and entertainment purposes only. Any information and advice or investment strategies are thoughts and opinions only, relevant to accepted levels of risk tolerance of the writer, reviewer, or narrator and their risk tolerance may be different than yours. We are not responsible for your losses. Bitcoin and other cryptocurrencies are high-risk investments so please do your due diligence and consult the financial advisor before acting on any information provided. All rights reserved.
Please remember, I will never message you for money or/and will never message you for any trading advice or investment. If anyone contacts you in my identity, he or she is a scammer. PLEASE DON'T GIVE YOUR MONEY! Stay Alert, Stay Safe!
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