I've been asked to share wallet credentials to participate in mining. Is that a scam?

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Good day Everyone!!,

I've been approached by at least two people on one of my social media accounts and they were claiming that they would be able to increase my bitcoin by linking my wallet to their miner.

Now what I was curious about is whether this was a scam and if not was there a way of keeping myself secure in the process????

The process from what I was being sold is as follows:

  1. Open a blockchain wallet.
  2. Send them the details of the wallet (user and password)
  3. Change the password to whatever
  4. Start earning after depositing a certain bare minimum amount (lets say 0.004)
  5. I should theoretically start earning...

Victor Molema

Posted 2017-12-29T15:52:20.510

Reputation: 11

Question was closed 2020-05-02T07:27:51.753

3*That is a scam.* No one needs your wallet to "mine". Mining is done by specialized computers. (And if was not obvious that it is a scam, you should increase your skepticism) – abelenky – 2017-12-29T16:00:03.337

Cool so when they take the private keys and use as they like. How can we bring these people to law because they've be implicated by telling the "victim" to do a, b, c and then took the private keys... – Victor Molema – 2017-12-29T18:04:57.283

Tracking down the perpetrator is near impossible. There are very few laws that even remotely cover this; and since the victim and the perpetrator are usually in different countries, covered by different laws, it is unclear which jurisdiction would even apply. Ultimately, the perpetrator is not required by law to be honest or forthcoming on the internet. *Caveat Emptor* – abelenky – 2017-12-29T19:41:31.463

Answers

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Its an obvious attempt of a scam. Don't ever do that. What the scammers will do is as follows: they will make a copy of your key, then you will lock them out to access your key. It won't help because they would have already made a copy.

Changing your password prevents anyone from using that password to access your wallet and keys. It doesn't prevent anyone who already knows your secrets from just creating another wallet with the same secrets.

Ijaz Ahmad Ijaz

Posted 2017-12-29T15:52:20.510

Reputation: 11

1

It a scam, bitcoIN mining only need your public address to receive coin, share your login will result you loose the money.

zhiyan114

Posted 2017-12-29T15:52:20.510

Reputation: 578

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There are two things telling you that they're thieves:

  1. Social. Random strangers offering you money (or other benefits) are always crooked if they don't explain what's in it for them.

  2. Procedural. If they really wanted to send their mining yields to you, they would just ask you for the public portion of a bitcoin address controlled by you.

An electronic “wallet” is just a transaction-signing tool for authorizing spend transactions, rather like a debit card. You don't use a wallet to receive bitcoins, and you don't store bitcoins “in” a “wallet” (so, it's quite a lot like a debit card). Bitcoins are “stored” (for want of a better word) on the blockchain.

user58807

Posted 2017-12-29T15:52:20.510

Reputation: