Together, the names of these crypto drainers may sound like a bad 80's rock band. Unfortunately, the reality is they are responsible for $66 million in crypto theft this year alone.
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. 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 users.
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