2.6: Phishing Scams

Phishing is a type of social engineering where an attacker sends a fraudulent message designed to trick a person into revealing sensitive information or deploying malicious software.

A real example: on 10th June 2020, Eric Savic decided to upgrade his KeepKey hardware wallet containing nearly 13 BTC (approximately $520,000). He downloaded a Chrome extension which asked for his recovery phrase to create a backup — and input it, breaking one of the fundamental rules of crypto ownership.

There is no situation in which the software element of a hardware wallet would ever ask for your recovery phrase. One uses a hardware wallet so that the private key NEVER leaves the hardware wallet.

Eric lost his 13 BTC. The scam only works because he shared his private keys online. Never, never do this. Not ever.

Please feel free to contact us with any questions.