Crypto wallet
Updated 2026-09-29
A crypto wallet is software or a physical device that stores the private keys needed to access and move cryptocurrency. It does not hold coins the way a bank account holds cash. It holds the keys that prove ownership on the blockchain.
There are two broad types. A hot wallet is connected to the internet, such as an app or exchange account, and is more convenient but more exposed to hacking. A cold wallet is offline, such as a hardware device, and is harder to reach remotely.
In a scam, victims are sometimes tricked into sending crypto to a wallet address controlled by the scammer, or into revealing their seed phrase, which hands over full control of the wallet.
When it matters
Once crypto leaves your wallet to another address, it usually cannot be reversed. Save the destination wallet address immediately if you were scammed, since it is often the starting point for tracing funds.
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