Crypto Drainers Stole $66M Since Start of 2023

Crypto wallet sweeper Monkey Drainer has been replaced by four new, major drainers - Pink Drainer, Inferno Drainer, Pussy Drainer and Venom Drainer. They have stolen a collective $66.4 million since the beginning of this year, Cointelegraph reported, citing Dune dashboard stats.

Venom is the most prolific of the lot

Since February, Venom Drainer has stolen more than $27 million, making it the most prolific of the group. Inferno Drainer follows with around $21 million stolen since the beginning of the year. However, it has three times as many victims as Venom, around 46,000.

Pink and Pussy Drainer stole $17 million from over 6,000 people. The four new drainers have stolen a lot more than their forerunner Monkey, which is estimated to have made away with about $13 million.

The essence of a crypto drainer

Crypto drainers trick victims into consenting to a malicious transaction in their crypto wallets that enables a smart contract to move some or all of their funds out. Phishers rent the majority of drainers and give the entity behind the drainer a cut, an expert told Cointelegraph.

In addition, some drainers charge an access fee. For example, the fee to use Inferno Drainer is 20%. First-time users of Venom have to pay $1,000 up front.

Some drainers advertise extras like malicious signature requests that imitate Blur and other NFT marketplaces.

A highly lucrative business

Drainers tend to come and go. Once the entity behind one steals some money, they quit to evade legal consequences. Another drainer will soon take its place because of how lucrative the business is.

There is a wide variety of crypto drainers advertised on Telegram, with names like Whale, Angel, and Spawn, according to CertiK. What’s more, they help each other. When Monkey Drainer announced it was “shutting down” to seek greener pastures, the entity behind it recommended current clients switch to Venom.