Definition ∞ An External Account Drain refers to the unauthorized removal of all or a significant portion of digital assets from a user’s cryptocurrency wallet or exchange account. This malicious act typically occurs after an attacker gains control of the account’s private keys, seed phrase, or access credentials. It represents a complete loss of funds for the victim.
Context ∞ Reports of External Account Drains are common in crypto news, often detailing sophisticated phishing scams, malware distribution, or exploits targeting user vulnerabilities. These incidents serve as stark reminders of the importance of robust personal security practices, such as using hardware wallets and verifying transaction details. The crypto community constantly works to educate users on preventing such attacks.
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