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Crypto Phishing Attacks Take Away $300M from Innocent Investors During 2023

Phishing attacks have a prominent position among the most frequent means of exploiting the people in the emerging market.

Jay Hicks

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The South Korean Crypto Firm Somesing Faces Security Breach

Throughout the year 2023, the phishing attacks have been stealing away huge amounts of money from the people. As per the statistics that the Web3 security company Scam Sniffer provided, the bad actors carrying out such activities remained effective in deceiving up to 320,000 during the whole year. Phishing attacks have a prominent position among the most frequent means of exploiting the people in the emerging market.

Phishing Attackers Drain up to $300M from Unsuspecting Crypto Users Throughout 2023

The reports have brought to the front that one such event witnessed huge exploitation of stETH and rETH tokens. In that event, the exploiters took away up to 9,579 stETH (equaling nearly $15.63M) and 4,851 rETH (almost equaling $8.58M). The report about the incident mentioned that the malicious actors benefited from the wallet drainers. In this respect, they organized the respective phishing attacks.

Phishing websites embed wallet drainers in them to mislead the trick novice people into approving malicious transfers. That would permit the theft of crypto from such unsuspecting people’s crypto wallets. The comprehensive analysis of ScamSniffer detected 6 well-known entities providing services related to wallet drainers. They take into account Pussy Drainer, Pink Drainer, Venom Drainer, Money Drainer, Angel, MS, and Inferno.

Also Read: Crypto Hacks Spiked in April as $100 Million Was Lost to Exploits, CertiK Reports

The Inferno Drainer saw considerable popularity among the scammers and it accounted for the theft of up to $81M. It facilitated these wallet-draining events during a 9-month timespan, exploiting nearly 134,000 clients. The cryptocurrency wallet-draining kit operating platform stopped operations back in November last year.

Latest Statistics from ScamSniffer Discloses Scammers’ Diverse Endeavors to Trick People

Analogously, Angel Drainer and MS Drainer leveraged the respective trend to a great extent. They remained efficient in pilfering approximately $59M from up to 30,000 victims and 63,000 consumers respectively. Monkey Drainer, another well-known player in this respect, took away up to $16M from almost 18,000 people. It put an end to its operations back in last year’s March.

The aforementioned companies providing wallet-draining services made almost $47M from the twenty percent drainer charges. Scam Sniffer disclosed diverse methods that the attackers utilized, taking into account paid and organic traffic strategies and hacking attacks.  Such exploiters infiltrate formal accounts of projects on social media.

Otherwise, they manipulate these projects’ libraries and front end. Strategies like spam mentions, remarks on Twitter, expired Discord links, paid advertisements on Twitter and Google, and fake airdrops drive traffic. These things assist the exploiters to escape detection in comparison with blatant hacking efforts.

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