Is this a scam/fraud?

Hello so I’m at a point where I have a someone on social media offering me to mine bitcoin and they take 10% of any profit I make. So I started talking and long story short I was told to download blockchain wallet app. And they provided me the user ID and I was told once I login to change my password etc. so my question is does this sound like a scam or legit about them giving me a user id for a blockchain wallet app and I gotta buy bitcoins transfer them to this wallet and they will mine bitcoins.

blockchain-wallet-app

Mr Rajah

Posted 2019-07-08T01:00:35.063

Reputation: 3

4Definitely a scam – chytrik – 2019-07-08T02:58:12.083

Answers

I was told once I login to change my password

It is important you understand why this is a trick intended to deceive you.

Wallets don't contain bitcoin.

Wallets contain a "private key" - it is this private key that gives you control over an amount of bitcoin.

The person who creates a wallet can copy this private key and use it to make a new wallet that has control over the bitcoin. Including control over bitcoin added by you days months or years later.

You changing the password on a wallet does not keep the private key secret and safe if someone else has previously already seen the contents of the wallet.

If it helps, think of the wallet as one of those keysafes with a user-changeable numeric dial to unlock it. If someone has previously copied the keys inside, changing the number on the keysafe doesn't keep you safe at all.

Keysafe with resettable combination - like a bitcoin wallet. It doesn't contain money. It contains keys that maybe someone already has copies of. Changing the combination on the keysafe (wallet) doesn't make those copies of the keys disappear.

See also

Mining deceptions

Wallet deceoptions

I NEED YOUR HELP URGENTLY Bitcoins

RedGrittyBrick

Posted 2019-07-08T01:00:35.063

Reputation: 4 815

Nice analogy with the keysafe – chytrik – 2019-07-08T18:54:45.623

This is almost certainly a scam.

Never ever give anyone anything else than an address (things that start with 1..., 3..., or bc1...). If they ask for anything else, this is very suspcious.

A common scam is to make you create a wallet, have them add "watching" coins to it which are never yours but show up as balance, and then tell you you need to add more coins before you can withdraw.

Pieter Wuille

Posted 2019-07-08T01:00:35.063

Reputation: 54 032

Yes, it's definitely a scam. As the old adage goes, "if it is too good to be true, it is too good to be true". The Bitcoin wallet application that you are using is governed by a seed words and not the user ID/password for the online login. So, in your case the attacker created this wallet for you, noted down the seed words and told you to login. Now, if you change your password your account details are going to be shielded from the attacker, but your wallet details and control would still be in the attacker's control. On the other side, the attacker is closely monitoring if you have deposited any bitcoins in the wallet, and as soon as he sees it, he is going to spend it.

Ugam Kamat

Posted 2019-07-08T01:00:35.063

Reputation: 5 180

@mrsss, stay away from it. You can only watch the coins getting added, but only the attacker can spend it – Ugam Kamat – 2019-07-08T01:18:04.960

I don't see why you should be worried about your email account if you haven't shared your password of that account. Email addresses are meant to be public. However, DO NOT send bitcoins to the wallet. – Ugam Kamat – 2019-07-08T01:32:32.570

If you still want to use the site, make a brand new account. (There might be a way to create new wallet with new seed words - I am not sure - but I would be reluctant to try that unless you are sure you know what you're doing). Also, do not use the same password as the seed words can be seen in the settings section of the page, which would again compromise your wallet. – Ugam Kamat – 2019-07-08T01:46:12.537