Phishing scams come in various forms, but the most common scenario involves clients searching for an exchange through a search engine. They often click on the first link without realizing that it leads to a fraudulent site imitating the real exchange. Unknowingly, they enter their login credentials on this fake site, which closely resembles the official exchange platform. One key difference is the noticeable variation in the website address compared to the official URL.

Another phishing method occurs when you receive unsolicited emails or texts urging you to click on a link or sign in to your account. These messages may be from scammers impersonating exchange or wallet providers. The links they provide lead to websites that closely mimic the appearance of legitimate exchanges or wallets.

However, these links are malicious. They prompt you to enter your username, password, or, in the case of a wallet, your 12 or 24-word seed phrase. Any information you provide will be recorded, sent to the scammers, and exploited to gain unauthorized access to your accounts, enabling them to steal your cryptocurrency.