In recent times, a new wave of crypto wallet drainers has emerged, leaving a trail of victims and stolen funds in their wake. These malicious smart contracts, also known as sweepers, have become a common tool employed by phishing scammers to swiftly empty crypto wallets. Four prominent drainers, namely Pink Drainer, Pussy Drainer, Venom Drainer, and Inferno Drainer, have surfaced to fill the void left by the notorious Monkey Drainer. According to Dune dashboards compiled by Web3 anti-scam platform Scam Sniffer, these drainers combined have stolen a staggering $66.4 million since the start of 2023.
Among the group, Venom Drainer stands out as the most prolific, having pilfered nearly $27.5 million since February. Inferno Drainer follows closely behind, with over $21.2 million stolen since January. However, Inferno Drainer boasts three times the number of victims, tallying almost 45,800. The duo of Pussy Drainer and Pink Drainer have targeted over 6,000 victims, siphoning off $17.5 million from their wallets. During its reign, Monkey Drainer managed to steal an estimated total of $13 million worth of digital assets.
Crypto drainers operate by deceiving victims into unknowingly authorizing a malicious transaction within their crypto wallets. This authorization enables a smart contract to transfer a portion or even the entire contents of the wallet, depending on the signed transaction. Scam Sniffer revealed that most crypto drainers are rented out to phishing scam groups, with the drainers receiving a percentage cut of the loot. While many drainers follow this pricing model, some impose additional access fees. For instance, Inferno Drainer charges a 20% commission, while Venom Drainer has introduced a $1,000 fee for first-time users.
Scam Sniffer also disclosed that certain drainers offer “add-ons,” such as incorporating malicious signature requests resembling popular non-fungible token (NFT) marketplaces like Blur and X2Y2. By exploiting these unreadable signatures used by protocols like Seaport, Blur, and X2Y2, the drainers can steal NFTs approved for trading on those platforms.
Interestingly, these drainers are not permanent fixtures in the realm of crypto scams. Once a drainer accumulates a significant amount of funds, the operators typically announce their retirement, possibly to avoid law enforcement attention. Yet, as one drainer exits the scene, another promptly takes its place due to the profitability and lack of arrests thus far.
Telegram has become a hub for multiple crypto-draining services, with names like Angel, Spawn, Whale, and Atomic gaining traction. In March, Monkey Drainer declared its closure, redirecting potential victims to Venom Drainer, which was hailed as a flawless alternative.
As the threat of crypto wallet drainers persists, it is crucial for individuals to remain vigilant, practice strong cybersecurity measures, and exercise caution while interacting with unknown smart contracts and transactions. Blockchain security and anti-scam platforms play an essential role in identifying and combating these scams, but continued awareness and proactive measures within the crypto community are paramount.