What's the multisig scam?

Published on Aug 20, 2024Updated on Sep 7, 20242 min read11

A multisig scam involves scammers creating elaborate schemes to trick users into signing or interacting with malicious smart contracts. These contracts are designed in such a way that they take control of your wallet, even if the permissions seem equal (1-to-1). This means that while it might appear that you have control over transactions, malicious smart contracts give full control to the scammer, leaving you unable to access or manage your assets.

Here are some tips to protect yourself against multisig scam:

  • Be cautious of unsolicited requests

Don't interact with smart contracts or sign any transactions from sources you don't trust or are unfamiliar with.

  • Verify sources

Always verify the legitimacy of any service or individual asking you to interact with a smart contract. Cross-check with official sources.

  • Use trusted platforms

Only use reputable and trusted platforms for your transactions. Be wary of links or instructions from unknown sources.

  • Double-check permissions

Before signing any contact, carefully review the permissions you're granting. If something seems off, don't proceed.

  • Stay informed

Regularly update yourself with the latest security tips and information from trusted crypto communities and sources.

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