The Singapore Police Force and crypto security companies have warned of a recent pattern of crypto wallet drainer attacks. The hackers use a sophisticated combination of phishing campaigns and a smart contract to gain access to victims’ crypto before draining them dry. 

The crypto scam has been perpetrated by Drainer-as-a-Service software peddled by more sophisticated actors.

How the New Crypto Wallet Drainer Scam Works

According to authorities in Singapore, the criminals first infiltrate a legitimate account on a platform such as X. They then entice users to click on a link directing them to a malicious website.

Hackers then get the user to connect their crypto wallet to the site and authenticate their account with private keys. Once they perform these tasks, the hacker asks the victim to interact with a smart contract under the pretext of claiming their free tokens. 

The interaction with the smart contract then gives hackers full access to the victim’s funds. The criminals then drain assets and send them to a crypto mixer, making them hard to trace. 

Read more: How To Identify a Scam Crypto Project

The attack involves the use of a sophisticated Drainer-as-a-Service software kit. In some cases, less-sophisticated attackers use these services in exchange for a portion of the criminal proceeds.

Sometimes, the sellers require payments in crypto assets like Bitcoin. By far, most bad actors still favor Bitcoin over other crypto assets as a payment method on the darknet, according to Chainalysis.

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Author: David Thomas

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