A hack is where a person or group of people illegally gains access to a coin-holding entity, such as a crypto wallet or an exchange, and steals funds. Hacking is not the same as phishing, where users are tricked into giving their passwords or private keys away. Hacking involves gaining access through technological means, for example exploiting a security flaw or via brute force attacks. Exchange and wallet hacks are sadly common in the cryptocurrency world, with billions of dollars’ worth stolen every year. State sponsored hacking, for example by North Korea, has also been confirmed by security firms.