Pink Drainer Shuts Down After $75M Crypto Theft, Attacking 20K Victims

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As an analyst with extensive experience in the crypto industry and cybersecurity, I find the news of Pink Drainer shutting down both intriguing and concerning. While it is a relief that the developers have announced their retirement and plan to destroy all stored information, the damage they have caused is immense. Over the past year, Pink Drainer has stolen $75.64 million from nearly 20,000 victims. The tactics employed were not only sophisticated but also relied heavily on social engineering and phishing, making them even more dangerous.

The individuals responsible for Pink Drainer, a platform notoriously known for draining wallets and accused of stealing over $75 million in cryptocurrency, have declared they will be ceasing their activities. Over 19,000 unsuspecting victims have reportedly fallen prey to Pink Drainer’s exploits.

Pink Drainer Shuts Down

“We’ve achieved our objective and, in keeping with our predefined schedule, it’s now time for us to step down. Following the release of this statement, we will initiate the process of dismantling all our infrastructure. All data stored with us will be erased and permanently deleted for security reasons.”

Based on ScamSniffer’s information, Pink Drainer is implicated in the stealing of approximately $75.64 million worth of cryptocurrency from around 19,810 individuals during the last year. Previously, in March, a fraudulent email scheme connected to the Pink Drainer kit was identified, which specifically targeted creditors of insolvent crypto businesses, leading to losses totaling over $5 million.

From its beginning, Pink Drainer offered cybercriminals a set of software tools to steal crypto assets by exploiting vulnerabilities. They also relied heavily on social engineering and phishing techniques in their schemes. These methods involved creating misleading phishing websites to trick users into approving transactions that drained their cryptocurrency and NFT wallets.

As an analyst, I’ve discovered that Pink Drainer was not an isolated phishing operation. Instead, it was connected to a larger network of phishing-as-a-service platforms. Some of these included Monkey Drainer and Inferno Drainer. The individuals managing these services earned revenues by collecting fees and acquiring a portion of the ill-gotten gains.

About Latest Block tower Hack

As a researcher, I’ve come across some troubling news regarding BlockTower, a notable cryptocurrency hedge fund, which has unfortunately fallen victim to a security breach. Hackers successfully extracted a portion of the firm’s assets under management without revealing specific details about the incident due to its confidential nature. According to PitchBook’s latest report, BlockTower manages over $1.7 billion in assets.

Currently, the elusive hacker is still on the loose, and BlockTower has yet to regain control of the stolen funds. To delve deeper into this cyberattack, BlockTower has enlisted the help of blockchain forensics specialists. Moreover, all essential partners have been made aware of the security incident according to Bloomberg’s reports. Nevertheless, an official announcement from BlockTower regarding the situation has yet to be released.

Additionally, there has been a significant increase in cryptocurrency hacking incidents in the market. Notably, the notorious Lazarus Group from North Korea is believed to be behind several of these attacks. They typically employ crypto-mixing platforms such as Tornado Cash to conceal their activities. Just last week, a fraudster managed to steal approximately $71 million in Wrapped Bitcoin (WBTC) coins, but later returned the funds.

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2024-05-17 11:20