In 2023, more than 324,000 cryptocurrency users became victims of phishing scams, resulting in approximately $295 million in digital assets lost to wallet drainers.
A ‘wallet drainer’ is a term often used to describe a type of malware or malicious software that specifically targets cryptocurrency wallets. This type of malware is designed to drain or steal digital assets from users’ cryptocurrency wallets.
Wallet drainers are commonly associated with phishing attacks, where attackers use deceptive tactics to trick users into unknowingly provide access to their wallet information or authorizing malicious transactions.
In the ‘2023 Wallet Drainers Report,‘ blockchain security platform, Scam Sniffer, conducted an analysis of trends related to drainers used in cryptocurrency phishing scams. The platform underscored the persistent growth of phishing activities throughout 2023.
“Over the past year, phishing activities have steadily increased each month with phishing scammers employing more sophisticated tactics to evade security measures. Scam Sniffer has made findings on “Wallet Drainers” that warrant the industry’s full attention.”
– Scam Sniffer
Wallet Drainers software are deployed on phishing websites to deceive users into authorizing malicious transactions, ultimately leading to the theft of assets from their cryptocurrency wallets.
In the past year, Scam Sniffer has monitored these Wallet Drainers stealing nearly $295 million U.S. dollars in assets from about 324,000 victims.
Scam Sniffer conducted an analysis of how phishing sites attract traffic. One method employed by cryptocurrency thieves involves hacking a project’s official Discord and X (formerly Twitter) accounts, subsequently disseminating phishing links through posts on these compromised channels.
with money returning the crypto ecosystem
expect only MORE exploits to hit the space, both via app front-ends and back-ends
get your house in order:
1) when you see something on X/Twitter calling for an on-chain interaction, ASSUME it's coming from a compromised account.…
— DCinvestor (@iamDCinvestor) December 16, 2023
Phishing websites generate organic traffic by orchestrating fraudulent airdrops of cryptocurrency assets or nonfungible tokens (NFTs). Additionally, these sites exploit expired Discord links, leaving spam comments, and making mentions on X (formerly Twitter).
Furthermore, scammers have successfully circumvented Google’s and X’s advertising guidelines, as reported by Scam Sniffer. This includes instances where phishing websites have been able to place paid advertisements on Google Search and Twitter.
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