Introduction to Multisig Scams and Prevention Strategies
Learn about the authorization mechanism of multisig wallets, common fee-payment traps, and safe practices for protecting private keys, seed phrases, and wallet permissions.
The Basic Mechanism of Multisig Wallets
A multisig wallet requires authorization from multiple private keys to complete a transaction, similar to a digital form of two-factor authentication (2FA). Users can set different authorization thresholds, such as requiring authorization from 2 of 3 keys. This design is suitable for team collaboration, DAOs, joint ventures, and users seeking stronger asset management controls.
Common Scam Tactics
Scammers may use social platforms, impersonate customer support, or conduct phishing to induce users to use a stranger's seed phrase or private key. Some scams first display USDT in a wallet and then claim that the user only needs to transfer a small amount of TRX to pay the gas fee before withdrawing. After making the transfer, the victim still cannot operate the wallet because other private keys are required to co-sign.
Safe Practices for Reducing Risk
Do not share private keys or seed phrases, and do not use wallet information provided by strangers. Install wallet apps only through official channels and verify the authenticity of websites and software. Regularly review wallet permissions, remove unknown signers and permissions for DeFi apps that are no longer used, and consider using a hardware wallet and two-factor authentication (2FA) for stronger protection.
Original Tutorial
https://www.binance.com/zh-CN/academy/articles/what-are-multisig-scams-and-how-to-avoid-them
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