Your Wallet Is the Inbox: How Web3 Phishing Attacks Are Targeting Users On-Chain

Web3 phishing attacks differ fundamentally from traditional phishing because attackers can reach users directly through their crypto wallets via fake NFT airdrops, worthless token drops, and transaction memo messages. The real danger lies in malicious wallet approvals — users are tricked into signing transactions that grant attackers unlimited access to their assets, with no way to reverse the damage. Key defenses include treating every signature as high-risk, not interacting with unsolicited assets, regularly revoking token approvals using tools like Revoke.cash, and using separate burner wallets for risky interactions.