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Crypto Phishing Scams Drain $295M from 324K Victims in 2023

Crypto The Scam Sniffer cybersecurity platform has unveiled a disconcerting trend, revealing that phishing sites are adeptly sidestepping the guidelines of major platforms such as Google and X (formerly Twitter) to promote paid advertisements. These revelations were brought to light in the extensive "2023 Wallet Drainers Report," a comprehensive analysis by Scam Sniffer delving into
The Scam Sniffer cybersecurity platform has unveiled a disconcerting trend, revealing that phishing sites are adeptly sidestepping the guidelines of major platforms such as Google and X (formerly Twitter) to promote paid advertisements. These revelations were brought to light in the extensive “2023 Wallet Drainers Report,” a comprehensive analysis by Scam Sniffer delving into the landscape of crypto phishing scams.

Notable wallet drainers that were active in 2023. Source: Scam Sniffer

Throughout the year 2023, Scam Sniffer’s findings exposed a persistent surge in phishing activities, leading to over 324,000 crypto users falling victim to scams and a staggering loss of approximately $295 million in digital assets to wallet drainers.

Significantly, the report underscored the agility of phishing gangs, seamlessly transitioning their operations to alternative platforms when a drainer shuts down. A notable case was the closure of the infamous Monkey Drainer on March 2, responsible for high-profile phishing exploits. Despite its cessation, Monkey Drainer recommended another scam service to its criminal clientele, allegedly having stolen around $16 million in digital assets.

In a similar vein, the Inferno Drainer, having absconded with approximately $81 million in digital assets, also ceased operations in 2023. Scam Sniffer disclosed that Angel Drainer seems to have taken charge following the shutdown of Inferno Drainer.

Wallet drainers’ phishing activities throughout 2023. Source: Scam Sniffer 

The report delved into the strategies employed by crypto thieves to drive traffic to their phishing sites. Tactics include compromising official Discord and X accounts, disseminating phishing links through posts. Furthermore, scammers engage in fake airdrops of crypto assets or nonfungible tokens (NFTs), taking over expired Discord links, and leaving spam comments and mentions on X.

Most notably, Scam Sniffer emphasized the ability of phishing websites to circumvent advertising guidelines on Google and X. The platform revealed that these illicit entities have successfully published paid Google Search and Twitter ads, intensifying the challenge of combating online scams and underscoring the pressing need for enhanced cybersecurity measures.

Wasif Shakir

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