What is Phishing attack?

Phishing is among the earliest forms of cyberattacks and has existed long before the emergence of blockchain and cryptocurrencies. In cryptocurrency, phishing attacks are scams where attackers deceive victims and manipulate them into sharing sensitive information such as private keys, passwords or seed phrases . These attacks are typically carried out via email, social media, or text messages, and can target personal crypto wallets, initial coin offerings, or cryptocurrency exchanges.

In most cases, the hacker pretends to be an official or reputable source, or someone the victim trusts, regardless of the communication channel. Once the victim shares their personal information, the attacker uses it to steal or transfer cryptocurrency funds.

Wallacy advises users to stay vigilant and always DYOR to protect your assets from such attacks.