Pink Drainer Packs Up Following Attacks On 20K Victims And $75M Crypto Theft

The developers of Pink Drainer, a notorious wallet-draining service, have disclosed their retirement. The hacking group noted that it accomplished its target by stealing over $75 million in crypto hacks.

So far, almost 20,000 persons have fallen victim to Pink Drainer's dubious activities.

Pink Drainer Announces its Retirement

The blockchain sleuth, ZachXBT posted the announcement of Pink Drainer on the Telegram messaging platform. The malicious group declared its retirement after having completed its hacking objectives.

Further, the hackers mentioned the shutdown of their infrastructure as they exited. Also, they promised to safely delete and destroy all victims' data in their custody.

The group stated:

We have reached our goal, and now, according to plan, it's time for us to retire. After this message's publication, we will begin winding down all of our infrastructure. All stored information will be wiped and securely destroyed."

Pink Drainer first appeared in April 2023 in connection with a 156 ETH heist. Following its advent, the draining service offered a software kit that aids cybercriminals in malicious activities. With the toolkit, hackers could exploit technical vulnerabilities to drain their victims' crypto assets.

The hacking process usually depends on social engineering and phishing tactics. The schemes employ malicious phishing sites to confuse clients into accepting transactions and links that will drain their crypto and NFT holdings.

Pink Drainer belongs to a bigger network of phishing-as-a-service operations, including those of Inferno Drainer and Monkey Drainer. Notably, such service operators make their gains by collecting percentages of stolen digital assets and charging fees.

According to data from blockchain security firm ScamSniffer, Pink Drainer has masterminded up to $85.29 million in crypto theft. The group has exploited more than 21,000 victims in its malicious activities within the past year.

Increasing Crypto Phishing Activities And Hacks

The crypto industry has recorded increasing phishing activities over the past few years. Scammers resort to the use of wallet-draining malware to steal from their victims.

According to a ScamSniffer report, cybercriminals drained almost $300 million in digital assets over the past year. The report noted that over 324,000 victims were impacted during the period. It also highlighted the largest stolen amount, $24 million from a single user.

Further, the blockchain security firm analyzed the trend of hacks and possible associated vulnerabilities. According to the report, nearly $7 million in crypto assets was stolen on March 11 alone. Most of this theft was caused by fluctuations in USDC rates and phishing scammers that impersonated Circle.

The industry also witnessed significant crypto thefts before March 24, when the Arbitrum Discord hack occurred.Additionally, the report listed the major wallet drainers involved in the thefts and the amounts they've stolen. It also pointed out their start dates and the number of victims they've attacked.

Some of the prominent draining services include Inferno Drainer, MS Drainer, Angel Drainer, and Monkey Drainer. Others include Pink Drainer, Venon Drainer, and Pussy Drainer.

The post Pink Drainer Packs Up Following Attacks On 20K Victims And $75M Crypto Theft appeared first on The Tech Report.