Since the beginning of 2023, four drainers collectively stole over $66 million.
Crypto drainers are rapidly exploiting the crypto industry, leading to significant losses in digital assets for thousands of unsuspecting victims in 2023.
The four prominent crypto drainers are known as Pink Drainer, Inferno Drainer, Pussy Drainer, and Venom Drainer.
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As per data assembled by the Web3 anti-fraud platform Scam Sniffer, on Dune dashboards, in 2023, these entities have collectively stolen a staggering $66.4 million.
The Venom Drainer has been the most greedy, swiping nearly $27.5 million since February. Not far behind, the Inferno Drainer has pocketed more than $21.2 million since January, targeting almost 45,800 victims.
Pussy Drainer and Pink Drainer, while not as lucrative, have still managed to siphon off $17.5 million from over 6,000 victims. Comparatively, Monkey Drainer, during its peak, was believed to have stolen about $13 million worth of digital assets.
The modus operandi of crypto drainers involves the unsuspecting victims consenting to a harmful transaction in their crypto wallet. This consent allows a smart contract to displace either a part or the entirety of the wallet contents, depending on the nature of the transaction signed.
Scam Sniffer revealed that many crypto drainers are leased out to groups conducting phishing scams, with the drainers receiving a percentage of the ill-gotten gains.
Several drainers follow this pricing model, while some charge an upfront access fee. CertiK, a blockchain security firm, noted that Inferno charges a 20% commission. In contrast, Venom imposes an initial fee of $1,000 for first-time users.
Currently, multiple crypto-draining services are circulating on Telegram, including Angel, Spawn, Whale, and Atomic.
The emerging threats in the digital currency sphere underscore the urgent need for enhanced cybersecurity measures and stringent regulatory frameworks to safeguard users and their valuable digital assets.
