Christmas Crypto Scams Drain Over $3 Million in MS Drainer Phishing Scheme
Christmas Crypto Scams Drain Over $3 Million in MS Drainer Phishing Scheme

Cryptocurrency enthusiasts faced a harsh reality this festive season, as scammers launched a calculated assault, siphoning off over $3 million in digital assets in a 24-hour spree. This brazen exploitation unfolded during Christmas, as cybercriminals relentlessly preyed on unsuspecting users through deceptive Google Ads, enticing them to visit fraudulent websites equipped with sophisticated wallet-draining software.

The distressing scenario echoes a similar incident earlier in 2023, where scammers capitalized on MS Drainer to plunder an estimated $59 million in cryptocurrency. The most recent incidents, flagged by Scam Sniffer, specifically targeted Christmas Day, exploiting Google Ads to direct users to fake versions of reputable Web3 platforms such as Zapper, Lido, Stargate, DefiLlama, Orbiter Finance, and Radient.

The trail of phishing sites linked to the same malicious addresses underscores the systematic nature of these scams, extending their reach and impact on December 25.

The gravity of the situation was confirmed when Scam Sniffer disclosed that the Christmas Day scams resulted in a staggering $3 million loss. Various cryptocurrencies, including Wrapped Bitcoin (wBTC), Aave Polygon USDT (aPolUSDT), Aave USDC (aUSDC), and Tether USDT, were among the targeted assets, as illustrated by screenshots shared by the company.

Despite alerting Google Ads about the deceptive promotion of these counterfeit sites and the utilization of wallet-draining software back in April 2023, Scam Sniffer is yet to receive a response from the platform, raising concerns about the responsiveness of these tech giants in combating such malicious activities.

This recent surge in phishing thefts serves as a stark reminder for cryptocurrency users to exercise utmost vigilance. Verifying the authenticity of websites and meticulously reviewing transaction authorizations initiated via their Web3 wallets has never been more critical.

According to a spokesperson from Scam Sniffer, “Phishing scams present the most significant threat to users today. To shield themselves, users must scrutinize each signature request meticulously.”

Scam Sniffer’s comprehensive report on wallet drainers identified a staggering 10,072 fake sites exploiting MS Drainer throughout 2023. This malevolent software, engineered to drain digital assets, has orchestrated the theft of nearly $58.98 million in crypto from over 63,000 victims, as outlined in a dedicated Dune Analytics dashboard tracking these illicit activities. The surge in cryptocurrency phishing scams, particularly during festive periods, amplifies the urgency for users to heighten their vigilance. Prioritizing stringent authentication processes and exercising caution during online interactions is pivotal to safeguarding digital assets from relentless cyber threats.


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