Borrowed from cybersecurity, this term refers to a scam scheme that exploits the illusion of easy profit in the crypto industry.
Scammers share a seed phrase for a wallet that appears to hold a significant balance. Once inside, the victim can see the funds but cannot withdraw them due to transaction fees. When they send their own crypto to cover the fee, the funds are instantly drained by scammers via an automated mechanism. As a result, the victim loses the deposited amount
Scammers share a seed phrase for a wallet that appears to hold a significant balance. Once inside, the victim can see the funds but cannot withdraw them due to transaction fees. When they send their own crypto to cover the fee, the funds are instantly drained by scammers via an automated mechanism. As a result, the victim loses the deposited amount