Source: Adobe/ zedtox
Fraudsters have more than the previous 9 months utilized a wallet-draining service called “MS Drainer” to siphon around $59 million worth of crypto from many victims, according to a current report by blockchain security company Scam Sniffer.
The fraud run through Google Ads, targeting victims with fake variations of popular crypto platforms such as Zapper, Lido, Stargate, DefiLlama, Orbiter Finance, and Radient, the report stated.
2/ We initially found them in March, and the @SlowMist_Team shared their routes with us in early April. At the end of April, we identified them once again in Google search advertisement phishing. pic.twitter.com/wWIIi49YMT
— Scam Sniffer|Web3 Anti-Scam (@realScamSniffer) December 21, 2023
Wallet-drainers are specialized pieces of software application that makes it possible for fraudsters to move crypto out of a victim’s wallet without their permission.
The software application exists as blockchain-based clever agreements that even charge a share of the illegal earnings as a cost that can return to the designers.
‘MS Drainer’ initially recognized in March
According to Scam Sniffer’s report, the company initially recognized MS Drainer in March this year, with the SlowMist security platform helping in the examination.
Regional targeting and page-switching methods were supposedly utilized to avert Google’s advertisement audits, which in turn allowed the fraudsters to publish phony advertisements as part of a phishing fraud.
The fraudsters likewise used web redirects, misguiding users into believing they were accessing main sites.
Example of phishing advertisements on Google. Source: ScamSniffer63,000 victims
In all, Scam Sniffer found 10,072 phony websites using MS Drainer, with its peak activity in November before a subsequent decrease.
Throughout its operation, the drainer drawn out almost $59 million worth of crypto from over 63,000 victims.
Scamming as a service
Significantly, the MS Drainer designer offered his scamming tool on online forums for a flat cost.
According to the report, the rate was set at $1,499.99, with extra “modules” being used at differing costs.
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