Latest Scams: Honey Wallets & Mega Groups

The field of digital currency is one of the most common areas where scammers take their glory in the ways of fraud. A day after fraud abounds in a professional and organized manner, and the most alarming thing is the incredible increase in the number of victims, because the methods may be victimized by professionals in the field. About the beginner? They will certainly be easy victims for such scammers.

We will explain two of the new ways of scam that are professional:

Method 1: (Honey Wallets):

It was named because of the big scandal at the BitcoinTalk forum, where it was called the Honey wallet, as a trap, or a trap for people who would enter it.

It is also known that Telegram is the most widely used tool in the field of digital currency, where it communicates between investors, each currency has a special group on the Tigram, where the latest updates are published, If they find someone who asks many questions about lack of experience in the field, they write him on his own account and give him a key to access the wallet. There are many currencies in the wallet. He is accused of being a gift because he is new in the field. His participation in one of the cannons Which follow them.

The shock is that these purses are completely free of ethereum, which is used as gas, or conversion charges within the ethereum. Therefore, the victim converts a quantity of ether to convert the currency inside the wallet. Once the quantity is sent, it will be transferred instantly to another wallet (scammer wallet).

How is this done?

Simply, these wallets (victim wallet)  are linked to a Smart Contract with the scammer’s wallet. This wallet automatically transfers any amount you receive from the Ether currency or any currency that is automatically assigned to the contract linked to the contract from the other side (scammer).

This picture illustrates how these wallets are programmed

Method 2: (Large Groups):

You must have already been added to one of the big groups on Telegram, but you may have ignored what is going on inside this group or you have reported and exited immediately. These groups are in the names of famous currencies or exchanges. The team of scammers within these groups may exceed 200 people.

Among these groups, one of them claimed to be the official Binance platform, which was recently closed, but too late, with more than 85,000 subscribers added to this group. Adding one person to such a group would consider how many subscribers they had, And it will be believed that they are really the official group. The work is organized initially, and the group’s managers respond to all queries immediately and in a professional way and help the participants in a nice and smooth manner, but all that is only to gain trust.

What will happen when you believe it?

After winning the trust of the participants, the group’s admins start a competition or giveaway. The competition is to send 1 ethereum to a portfolio that has been developed by these scammers. Therefore, the one who sends 1 ethereum will win 2 ethereum, The contest will be enjoyed by only the first 1,000 people, and then the enthusiasm of the participants will begin, sending more than 400 people to Ethereum to the wallet developed by the scammers.

What is the second part which is at the top of professionalism?

As mentioned above, the number of participants in the fraud exceeded 200 people. After the victims were sent the money, thanks to the scammer who claims to have participated in the competition, the letters of thanks for negligence began. They already got 2 Ethereum with some fake pictures to prove this, And in some hours, the victims will be discovered that they were in a professional scam trap.

On the side of the warning, we will remind you of some tips and some groups that follow the same way of scam:

A. Several Telegram groups have been created for the Enjin Coin (ENJ), a currency recently known for its high spike. It is traded on binance. It is promoted through airdrop, which has spread like wildfire. it has been published in many known websites.

Scam airdrop bot link: im? P = @ Enjin _Airdrop_bot

B. A channel for Decentraland (MANA), which is traded on Binance. The number of subscribers to this channel is more than 48,000, and a fraudulent competition is promoted on a daily basis.

Scam channel link:


  1. For Any coin you want and their official social accounts, it can be found on the famous CoinMarketCap website. It gives you full currency’s information, gives you the proper links to the official currency group or platform, and all of its official social accounts.
  2. For coins/tokens not listed on CoinMarketCap, which is still ICO or IEO, all it’s official information and the social media accounts can be found on .

Please, always do your own researches before any investment, and never believe the high magical ROI.

Please note, that is not a bit of financial advice, nor the WhaleToBe team’s view


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