The creators behind Pink Drainer, a wallet-draining service, have announced their shutdown after stealing $75 million in crypto assets from nearly 20,000 victims. The developers revealed their decision to retire and destroy all stored information in a Telegram message, noted by on-chain investigator ZachXBT. Pink Drainer exploited technical weaknesses and used phishing tactics to drain victims’ wallets of cryptocurrencies and NFTs. This service is part of a broader ecosystem of phishing operations, including Monkey Drainer and Inferno Drainer, which also profited by charging fees and taking shares of stolen assets.

According to ScamSniffer, Pink Drainer has been associated with significant thefts, including a $5 million phishing scam in March targeting creditors of bankrupt crypto companies. The Pink Drainer toolkit enabled cybercriminals to deceive users into authorizing transactions on fake phishing websites, leading to the theft of their digital assets.

Additionally, BlockTower, a prominent cryptocurrency hedge fund managing over $1.7 billion in assets, recently faced a significant security breach with part of its assets stolen by fraudsters. The firm has engaged blockchain forensics experts to investigate, but the hacker remains at large and the stolen funds have not yet been recovered. The market has seen an increase in crypto hacking incidents, with the Lazarus Group from North Korea often implicated. Just last week, a scammer stole $71 million worth of Wrapped Bitcoin (WBTC) coins, but returned the funds shortly after.

Source: coingape.com

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