GFM's "Web3 & RWA" Anti-Fraud Series

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Foreword | Technology is neither good nor evil; the risk comes from misjudgment.

Blockchain and Web3 technologies represent a significant evolution in the financial and information systems.
For the first time, it gives individuals true ownership of assets, decentralized trust, and the ability to move freely across borders.

However, one premise is often overlooked:
Technology itself is neutral; the real risk often comes from human misjudgment.

In the past few years, as the barriers to using Web3 have decreased and users have flocked to it rapidly, scams have also evolved in tandem.
More and more criminals are taking advantage of the anonymity, irreversibility, and "self-management" features of blockchain to design seemingly reasonable but actually precise traps, inducing users to make mistakes out of "good intentions" and "curiosity," ultimately resulting in irrecoverable asset losses.

Given this reality, GFM's Web3 & RWA column launched the " Web3 Anti-Fraud Series," which uses an accessible yet rigorous approach to dissect common fraud models and help readers develop basic risk intuition, rather than resorting to post-incident remedies.

z (Image caption) In the Web3 world, scams often disguise themselves as "technical issues" or "goodwill assistance." The image uses elements such as multisignature wallets, gas fees, phishing warnings, and on-chain contracts to visualize common scam scenarios: when users are attracted by "assets they can see but can't touch," what's actually stolen is often not the coins in their wallet, but the gas fees they themselves transferred. Reminder: Mnemonic phrases are not keys, but gas fees are real money.

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Scenes you may have seen

In the comment sections of short video platforms, social media, or blockchain-related content, you often see comments like these:

"I have USDT in my wallet, but I can't transfer it out?"
Is there anyone knowledgeable who can help me take a look?

Then, the other party will add, "I don't know much about technology."
They even posted a set of 12 mnemonic phrases and asked kind people for help.

At first glance, it looks like a novice encountering a problem and urgently needing help.
In reality, this is often the opening act of a meticulously planned scam.

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Why is this trap so easy to fall into?

If you import this mnemonic phrase into your wallet with good intentions, you'll usually find two things:

First, there are real assets in the wallet, and the amount is not small.
Second, when you try to transfer out, the system will prompt: No fuel fee ( Gas ).

At this point, most people reacted naturally:
"Just a little more fuel and the money can be transferred out, right?"

It was at this moment that the risk emerged.

(Image caption) A real-life example from the Reddit Bitcoin community. A user stated that after a family member passed away, they found a 12-word mnemonic phrase left behind and asked the community if it could be used to recover cryptocurrency assets. While such posts themselves may not necessarily involve fraud, discussing, displaying, or forwarding mnemonic phrase-related information in public communities is extremely vulnerable to exploitation by criminals, leading to phishing scams, manipulation, or even asset theft. Warning: Any public request for help involving mnemonic phrases could be the starting point for a scam.

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The real trap isn't in assets, but in fuel costs.

These wallets are usually not "ordinary wallets," but rather have a pre-designed special structure that is continuously monitored by automated programs.

Once someone transfers fuel fees to that wallet:
The fuel will be diverted in a very short time.
Operators often mistakenly believe it's a network problem or an operational error.
So they tried again, even using more fuel.

The result was not "helping others".
Instead, they continuously feed their assets into an automated fraud mechanism.

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A fundamental understanding that must be established

Please remember this fact:

Even if you have mastered a set of mnemonic phrases, it doesn't mean you have control over them.

Under certain structures:
• Mnemonic phrases ≠ Full permissions
• Assets will never be yours to possess
However, the fuel costs you transfer are a real, immediate, and irreversible loss.

(Image caption) Web3's freedom is built on risk awareness. A truly mature way to participate is often not to "take an extra step," but to "stop in time."

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A simple but effective ironclad rule

In the Web3 world, always remember this:

Do not refill fuel for strangers.
Do not import any mnemonic phrases from unknown sources.

If you see similar situations in the comments section or community, the safest approach follows only four principles:
• Do not import
• No testing
No transfer
Not curious

Ignoring it is the most mature risk control behavior.

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Series Preview | What will we talk about next?

In subsequent installments of the "Web3 Anti-Fraud Series," we will continue to dissect more common but high-risk fraud models, including:
• A phishing attack disguised as an airdrop
Malicious signatures and authorization traps
• Fake private equity funds and fake whitelist operations
• Trading or arbitrage bots impersonating official entities
• Guided fraud that exploits the trust chain within social networks

Our goal is not to create panic.
Instead, it aims to help more people develop basic security intuition before they truly engage with Web3 .

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Security is not about being conservative, it's about having the capability.

The value of Web3 lies in freedom;
Freedom, however, must be based on an awareness of risk.

Hopefully, this series can help more people identify problems early, avoid pitfalls, and truly enter the Web3 world safely.