Scam-as-a-Service Provider Registers as UK Business Entity
A crypto wallet draining scam-as-a-service provider called CryptoGrab has recently registered as a private business in the UK, according to blockchain security company Certik. The registration was confirmed by a tweet from Certik, which linked to the British government’s page listing CryptoGrab as an incorporated company. CryptoGrab is the developer of the Nova wallet drainer, which scammers use to steal large amounts of cryptocurrency. They typically target victims through phishing sites, tricking them into connecting their wallets and transferring funds. Despite being registered with Companies House, the UK government agency that oversees business registrations, CryptoGrab’s fraudulent activities cannot be investigated by the agency.
Draining Scams In The News
Wallet drainers have been making headlines this year for their scams and thefts:
- In 2023, wallet drainers looted $300 million from over 324,000 users.
- Inferno Drainer was ranked at the top of the list, stealing $81 million from 134,000 users before shutting down in late November 2023.
- Other notable wallet drainers include MS Drainer and Angel Drainer, which stole $59 million and $20 million respectively.
- A phishing campaign targeted Web3 brands and managed to steal at least $580,000.
- Singaporean authorities have issued warnings about the growing threat of wallet drainers.
Hot Take: Concerns Raised as Scam-as-a-Service Provider Registers as UK Business Entity
The registration of CryptoGrab as a private business in the UK raises concerns about the growing presence of scam-as-a-service providers. Despite being registered with the government, these fraudulent companies continue to operate and steal large amounts of cryptocurrency. The lack of investigative power by government agencies leaves victims vulnerable to these scams. As the threat of wallet drainers continues to evolve, it is crucial for individuals to remain vigilant and take precautions to protect their crypto assets.
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