Four major crypto drainers have emerged to fill the vacuum left by the notorious wallet sweeper Monkey Drainer, with thousands of victims targeted and millions in crypto stolen already this year.
The crypto drainers — called Pink Drainer, Inferno Drainer, Pussy Drainer, and Venom Drainer — have together stolen $66.4 million in total since around the start of 2023 according to Dune dashboards complied by Web3 anti-scam platform Scam Sniffer.
Venom Drainer has stolen nearly $27.5 million since February, the most out of the group. Inferno Drainer is second with over $21.2 million stolen since January but has three times the number of victims at nearly 45,800.
Pussy Drainer and Pink Drainer together have been used to steal from over 6,000 victims with $17.5 million in funds pilfered across the two. Monkey Drainer was estimated to have stolen about $13 million worth of digital assets in total during its reign.
Crypto drainers work by having the victim unknowingly agree to a malicious transaction in their crypto wallet that allows a smart contract to transfer out a portion of assets or the entire contents of the wallet, depending on the transaction that was signed.
Scam Sniffer told Cointelegraph that most crypto drainers are rented out to groups undertaking phishing scams and the drainer takes a percentage cut of the loot.
Many operate on this pricing model but some have an additional access fee. Blockchain security firm CertiK explained that Inferno — like many other drainers — “has a 20% commission” while Venom has “introduced an initial $1,000 fee” for first-time use
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Author: Jesse Coghlan
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