In the digital currency world, four major crypto drainers have emerged to take the place of the infamous wallet sweeper known as Monkey Drainer. These drainers—Pink Drainer, Inferno Drainer, Pussy Drainer, and Venom Drainer—have already targeted thousands of victims and collectively stolen millions of dollars in cryptocurrency since the beginning of 2023.
According to data obtained from Scam Sniffer, an anti-scam platform for Web3, the total amount of theft reaches approximately $66.4 million. Within this group of crypto drainers, Venom Drainer stands as the leader, having pilfered nearly $27.5 million since February. Inferno Drainer, ranking second, has stolen over $21.2 million since January, despite having three times the number of victims compared to Venom Drainer. Pussy Drainer and Pink Drainer, on the other hand, have collectively stolen $17.5 million from a target pool of more than 6,000 victims. Meanwhile, Monkey Drainer, during its reign, was estimated to have seized approximately $13 million worth of cryptocurrencies.
Crypto drainers operate by deceiving the victim into approving a harmful transaction in their cryptocurrency wallet. This transaction empowers a smart contract to transfer a portion or all of the assets from the wallet, depending on the specific transaction that was authorized.
According to Scam Sniffer, the majority of crypto drainers are rented out to groups engaged in phishing scams. In such cases, the drainer receives a percentage of the stolen funds as their share of the loot.
Many crypto drainers operate using a pricing model that involves a commission on the stolen funds. For example, Inferno and other similar drainers typically charge a 20% commission on the looted assets. Additionally, some drainers, like Venom, require an initial fee of $1,000 for first-time users.
According to Scam Sniffer, certain draining services offer “add-ons” that include deceptive signature requests. These requests imitate popular nonfungible token (NFT) marketplaces such as Blur and X2Y2.
Scam Sniffer further explains that in the NFT space, there are protocols that utilize cryptic signatures like Seaport, Blur, and X2Y2. If victims have assets on platforms like Blur, drainers can utilize these malicious signatures to steal NFTs that have been authorized for trading on Blur.
However, not all crypto drainers remain active indefinitely. According to Scam Sniffer, when the creators of a drainer manage to steal a certain amount of funds, they often announce their retirement. This could be an attempt to avoid the attention of law enforcement.
Nevertheless, as one drainer exits the scene, another promptly takes its place because it continues to be a profitable endeavor. As of now, no arrests have been made in connection with these activities, allowing the cycle to continue.
Currently, there are multiple crypto-draining services gaining popularity on Telegram. CertiK has provided evidence, showcasing other drainers with names like Angel, Spawn, Whale, and Atomic.
In March, Monkey Drainer, a prominent crypto-draining service, publicly declared its “shut down,” claiming that it was time to move on to something better. The person responsible for Monkey Drainer directed their fellow cyber-criminals towards Venom, praising it as an impeccable service.
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