Scammers build a near-perfect copy of a real wallet or exchange login page, then drive traffic to it through sponsored search ads, phishing emails, or direct messages on Telegram, Discord or X claiming there's an urgent account issue to resolve.
The fake page asks you to "verify" your account by entering your seed phrase, private key, or login credentials. The moment you do, that information is sent directly to the scammer, who uses it immediately — often within seconds — to drain the real wallet or account before you've even noticed anything wrong.
A more targeted version impersonates a specific person: a "support agent" replying to your public complaint on social media, or a message that appears to come from a project's official account (achieved by creating a lookalike username with a similar handle and profile picture).