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hey guys crypto Dad here again and I
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want to introduce you to a little scam
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that I've detected in my YouTube
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comments you may encounter it in other
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places I consider it kind of a pathetic
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scam because it seems to be targeting uh
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very low amounts but I guess they could
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add up over time uh it's really targeted
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towards intermediate crypto users uh but
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it is a way that you could possibly lose
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crypto so I'm going to alert you to it
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it's almost funny in a way so let me
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tell you what it's all about so that you
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can avoid getting sucked into this
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little
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scam all right so I usually will go
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through my comment section and look to
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see if anybody has any questions or
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needs any help and and as I go through
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them I run across this little comment
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that appears in many forms so they
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appear to be asking a question and then
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they will give out the seed phrase of
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their wallet so let me show you some
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variations on this theme okay so here's
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a blown up view of this question I was
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trading us tether for with a friend but
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we fell out because of something she
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gave me an okay wallet code uh with the
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seed phrase here the 12 words and ask me
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to withdraw the remaining us tether what
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is this how do I do this please help me
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all right and here's another one on a
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different video appreciate the detailed
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breakdown I have a quick question I have
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a safe pal wallet with us tether and I
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have the seed phrase there it is 12
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words how do I transfer them to
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binance uh and here's another one a
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little further down in my comments I
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really appreciate your efforts could you
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help me with something unrelated I have
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a safe pal wallet with us tether and
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have a seed phrase there's the seed
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phrase could you explain how to move
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them to binance all right let's look at
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the last one here oh I love this one
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right you are doing a fantastic job just
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an off-topic question I have a ledger
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wallet with US dollar and I have the
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recovery phrase there's the recovery
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phrase how do I transfer them to binance
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uh so what's the deal um I know right
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away that these are scams I see this
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scam almost every day I go through
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delete them out of my comments and they
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just keep popping back up like mushrooms
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what's the deal here um if you're not
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that experienced with crypto or maybe a
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little experienc with crypto you would
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think to yourself oh look this this
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greenhorn has just posted his seed
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phrase publicly and exposed the private
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key of his wallet wow some and others of
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you might think hey this dum dum just
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exposed his seed phrase let me go in
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there and raid his wallet so uh so
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what's the deal here what is this scam
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all about actually what this is is a
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it's like a Honeypot or a little trap or
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snare and here's how this works this
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wallet that he's provided the key for is
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what's known as a multi-key wallet or a
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multi-sig wallet this is kind of an
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advanced wallet that you can set up uh
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that may be shared between friends or
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even at a company that requires more
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than one key to actually uh withdraw
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crypto and he's basically only providing
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you with one of those keys basically you
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can store this key to one of your
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wallets but you won't be able to get
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crypto out of there because you only
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possess one of those keys uh but you
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will think that perhaps you need to uh
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seed the wallet with a little bit of
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crypto for fees and that's where they
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get you uh so you have to kind of be an
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intermediate here uh this is generally a
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Tron based wallet and so the
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unsuspecting rate
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uh or victim might think well I see
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there's us tether in here but I can't
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get it out because there's not enough
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Tron in here for the fees so I'm going
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to put a little Tron in there for fees
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so I can make this withdraw well they do
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that and then they can't get the tether
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out because it's a multi- key wallet so
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let me give you a little example all
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right now there are lots of ways to
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restore this seed phrase uh I'm going to
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do one of the really easy ones which is
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trust wallet trust wallet makes it
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really easy to restore a seed phrase uh
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without too much
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hassle a lot easier than doing a
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hardware wallet restore so I'll use this
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as our example so we'll go in here uh
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we're going to create a new wallet and
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uh instead of creating a new one we'll
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do add existing all right so we're going
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to use our secret phrase here and we'll
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choose
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multicoin and we'll just call this one
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uh scam one all right and then we'll
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just type in the seed phrase that he's
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provided
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here as I mentioned most of these are
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Tron based so uh let's go in here and
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add
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Tron there's
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Tron and uh we also want to add the US
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tether uh Tron based right so let's uh
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enable that that
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one and now we can see what's really
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going on in this wallet notice there's
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668 worth of Tron based tether in here
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and there's only a really small amount
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of Tron here so what happens is uh the
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victim who uh basically is uh being
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tricked into becoming a thief or would
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be
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Thief uh is sucked into this little scam
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and he thinks oh my gosh look
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$668 worth of tether and I can't get it
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out because I don't have enough Tron for
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the fees so what am I going to do I'll
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send a little Tron into this wallet so
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I'll have enough for fees to get this
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out let's look at the
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history look at all the Tron coming in
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and out right notice as soon as some
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Tron comes in it goes out as soon as
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some Tron comes in it goes out whoever
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controls this wallet and I'm talking
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about the person that created this
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multi- key or multisig wallet just waits
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for some
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unsuspecting person to come in and throw
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some Tron in there for fees soon as they
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do they take the Tron out the reason I
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call this kind of a pathetic scam is
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because we're talking a couple of
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dollars here and a couple of dollars
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there but I guess it adds up over time
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and the interesting and really subtle
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thing about this scam is that the person
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that is being sucked into it is
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basically a thief anyway so they're not
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going to report that they got their Tron
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stolen because they were doing something
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they were attempting to do something
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illegal anyway which is raid someone
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else's wallet it's a very subtle scam
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but I don't want anyone out there to get
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sucked into this thing this is a
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multi-sig
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wallet even if you have this seed phrase
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it's not enough to make withdrawals from
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the wallet the only thing you can do is
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make deposits and as soon as you do the
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scammer is going to suck that Tron out
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back to his own wallet it's a really
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dumb little scam but uh it I guess
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they're making money on it because I see
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it in my comments every day so please
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don't fall into this scam it's not worth
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it so I hope you enjoyed this video
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don't get sucked into this scam when you
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see someone appearing to expose their
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wallet online or in public it's actually
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a very subtle scam and you will lose
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crypto if you try to make a withdrawal
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from this wallet
