How the Scam Played Out?

An address poisoning scam, according to MistTrack, is when an assailant transfers little sums of cryptocurrency from a wallet with a similar-looking address to one of the target wallets. The aim is to fool the victim into inadvertently forwarding money to the wrong wallet.

Bots created by scammers search for fresh transactions. MistTrack advised making the initial and final few characters appear like the address being used as they cannot break the encryption on the entirety. They said, “so the scammer is banking on the victim to [copy the] scam address instead of the victim’s original address.”

In this case, the attackers successfully fool the group into donating 10 ETH to the fictitious account by mistake by sending money from a wallet address nearly exactly matching Pink Drainer’s past wallet.

Background and Impact

This event follows an unexpected declaration from Pink Drainer on May 17, stating it would stop providing services after it has helped steal over $85 million in cryptocurrency assets. Dune Analytics data shows Pink Drainer stole $85.3 million in bitcoin since July 2023.

Although Pink Drainer may have stopped running, many other drainer toolkit companies—Angel Drainer, Pussy Drainer, and Venom Drainer—continue to help evil actors in crypto asset theft.

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The post Pink Drainer Falls Victim to Address Poisoning Scam, Losing $30,000 in Ether appeared first on Coin Engineer.

The developers of Pink Drainer, which has been linked to the theft of millions of dollars in assets, have decided to shut down its infrastructure. “We have achieved our goal and now it is time to retire according to our plan,” the developers said in the Telegram announcement, first spotted by on-chain researcher ZachXBT. “Upon publication of this message, we will begin shutting down our entire infrastructure. All stored information will be deleted and securely destroyed.”

Pink Drainer offered a software suite used by cybercriminals to steal crypto assets by exploiting technical vulnerabilities and relying heavily on social engineering tactics. Such schemes use malicious phishing sites to trick users into signing transactions that drain their crypto and NFTs from their wallets.

Pink Drainer operated within a large network of phishing services, along with other phishing services such as Monkey Drainer and Inferno Drainer. Developers of these services collected fees and a percentage of stolen assets as payment.

According to ScamSniffer data, Pink Drainer has been linked to the theft of $85 million worth of cryptocurrency from more than 21,000 victims in the past year. In March, an email phishing scam tied to the Pink Drainer kit targeted creditors of bankrupt crypto firms, resulting in the theft of at least $5 million.

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The post Pink Drainer Developers Are Shutting Down the App appeared first on Coin Engineer.