The Rise of Wallet Drainers
As phishing scams become more sophisticated, a new type of malware called “Wallet Drainers” has emerged in the crypto industry. Scam Sniffer, an anti-scam platform, recently published a report highlighting the alarming success of these malicious programs. According to their findings, Wallet Drainers have stolen over $295 million from approximately 324,000 victims in the past year.
Strategic Thefts
Scam Sniffer discovered that the thefts orchestrated by Wallet Drainers often coincide with group-related events like airdrops or hacking incidents. For example, on March 11 alone, almost $7 million was stolen due to phishing sites impersonating Circle. Another significant theft occurred around March 24 when Arbitrum’s Discord was compromised.
A Shifting Landscape
The landscape of wallet drainer operations has seen constant changes. After Monkey Drainer was exposed, they exited and Venom took over their clientele. New entities like MS, Inferno, Angel, and Pink emerged in March. As operations shifted and evolved, the scale and pace of these activities escalated dramatically.
The Profitability of Wallet Drainers
Based on a 20% fee charged by wallet drainer services, these entities profited at least $47 million from their operations. The report emphasizes that phishing activities have been continuously growing, with new entities replacing those that exit the scene.
Initiating Phishing Activities
Phishing sites attract visitors through various means such as hacking attacks, organic traffic, and paid traffic. Hacking attacks on official project accounts are quickly responded to by the community. However, airdrops, organic traffic, paid advertising, and the takeover of Discord links are less conspicuous methods employed by scammers.
A Personalized Approach
Another form of phishing involves personal private messages, targeting individuals directly.
Hot Take: Combatting the Rise of Wallet Drainers
The rise of Wallet Drainers poses a significant threat to the crypto industry. As these malicious programs continue to evolve, it is crucial for users to stay vigilant and take proactive measures to protect their assets. Being aware of the various tactics employed by scammers and staying informed about the latest security measures can help safeguard against phishing attacks. Additionally, platforms and projects need to prioritize the implementation of robust security measures to prevent unauthorized access and protect their users from falling victim to Wallet Drainers. By working together, the industry can combat this growing threat and ensure the safety of the crypto community.
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