Main navigation

Notorious Scammer "Monkey Drainer" Steals $1 Million in ETH, Here's How

Wed, 10/26/2022 - 12:08
article image
Arman Shirinyan
Scammer gained access to wallets with help of phishing websites
Notorious Scammer "Monkey Drainer" Steals $1 Million in ETH, Here's How
Cover image via stock.adobe.com

Disclaimer: The opinion expressed here is not investment advice – it is provided for informational purposes only. It does not necessarily reflect the opinion of U.Today. Every investment and all trading involves risk, so you should always perform your own research prior to making decisions. We do not recommend investing money you cannot afford to lose.

Read U.TODAY on
Google News

Over the past 24 hours, one of the most popular scammers in the NFT and crypto industry, "Monkey Drainer," stole approximately $1 million, or 700 ETH from various wallets. Two of the biggest victims are wallets ending in 0x02a and 0x626, which collectively lost $370,000.

The main instrument used by the scammer is phishing. Technically, blockchain and noncustodial wallets remain safe and sound and the only way of getting access to funds stored in them.

The most common way of accessing NFTs is through phishing links. Users usually receive malicious contents in their email, proceed to a link and then type in sensitive data enough for hackers to access their wallets.

Luckily, some transactions were rejected by the network, thanks to the fact that Drainer's wallets have been marked and are now rejected by the majority of validators. ZachXBT issued a warning about the method used by the scammer.

Related
Ripple Gives Money to Creators Again, Especially This One: Details

The only way to protect funds, users should abstain from visiting unknown sites that allow them to connect their wallets and sign any kind of transaction. Even a transaction that looks like a simple transfer might become the key to NFTs or other assets contained in wallets.

Two of the biggest examples were phishing websites covered as AirDrop pages of popular projects like Aptos and RTFKT.  Thanks to the hype around Aptos, users were looking for a way to increase their APT holdings by getting some free tokens. After proceeding to the website and entering their wallet's address and signing transactions, scammers had access to their funds.

It is not clear if Drainer has access to any other wallets, so new fraudulent transactions may appear on the network in the future.

article image
About the author

Arman Shirinyan is a trader, crypto enthusiast and SMM expert with more than four years of experience.

Arman strongly believes that cryptocurrencies and the blockchain will be of constant use in the future. Currently, he focuses on news, articles with deep analysis of crypto projects and technical analysis of cryptocurrency trading pairs.