The scammer who created the cryptocurrency wallet draining kit even suggested a substitute and offered guidance to aspiring cyber criminals.
- On March 1, Monkey Drainer made the announcement that they will be ceasing operations and eradicating all relevant documents, servers, and hardware.
- Monkey Drainer has been in business since the end of 2022 and is thought to have stolen up to $13 million worth of non-fungible tokens and cryptocurrencies.
Announcement
The bitcoin phishing scammer that carried out some of the most prominent and well-reported Web3 robberies asserts that their business is no longer active. The scammer posing as Monkey Drainer announced on March 1 that they would “be shutting down immediately,” that all “data, servers, and devices” connected to the drainer “would be deleted instantly,” and that it “would not return.”
Prospective “young hackers” were given counsel by the con artist, who advised them not to “lose oneself in search of easy money” and claimed that only individuals “with the highest level of dedication” should be in command of a “big scale cybercrime” organization.
As a “flawless” substitute for the service they once provided, “Venom Drainer,” Monkey Drainer even suggested it. It offered a link to a Telegram account established just a day before.
Blockchain Firms’ Response
The cryptocurrency mixing provider Tornado Cash received a deposit from Monkey Drainer’s wallet on March 1 totaling over 200 Ether, worth $330,000, to conceal their funds, according to a tweet from blockchain security firm PeckShield. Still in their primary wallet was 840 ETH worth $1.4 million.
The crypto wallet-draining kit that Monkey sold is expected to collect a 30% “commission” on funds stolen from others’ use of the program, according to blockchain security firm CertiK, which also posted Monkey’s message on a tweet on March 1.
Other suppliers have created wallet-draining kits that imitate the design. CertiK claimed that other sellers have already noted increased demand following Monkey Drainer’s announcement of its closure. Since its alleged launch in late 2022, Monkey Drainer is thought to have been responsible for the theft of up to $13 million worth of nonfungible tokens and cryptocurrencies.
Copycat phishing con artists and wallet-draining tools have taken much more. In 2022, hacks, frauds, scams, and rug pulls cost the crypto market $3.9 billion, according to a report from Web3 bug bounty platform Immunefi.
The attack on Kevin Rose, the co-founder of the Moonbirds NFT collection, in January was the most high-profile and high-value theft by a wallet drainer in recent memory. After Rose consented to a malicious signature on a phishing website, the attacker received almost $1.1 million worth of his personal NFTs, draining Rose’s wallet.
Conclusion
An alternate service named Venom Drainer was suggested as a replacement by Monkey Drainer, which has been behind some of the most high-profile and valuable Web3 thefts. The con artist encouraged aspiring hackers to manage a large-scale cybercrime operation with the utmost concentration and avoid getting carried away in the search for quick cash. Since late 2022, Monkey Drainer is thought to have stolen approximately $13 million worth of cryptocurrencies and nonfungible tokens, but other clone phishing fraudsters and wallet-draining kits have taken much more. The incident emphasizes how crucial blockchain security is and the necessity of using caution while working with cryptocurrencies.
