In a startling revelation, a 16-year-old NFT scammer has been tied to a web of crypto scams amounting to over $1.5 million, with connections to the notorious Monkey Drainer responsible for a staggering $24 million theft.
Blockchain detective, ZachXBT, has diligently unearthed the truth, exposing a YouTuber boasting more than 120,000 subscribers who has been involved in a series of crypto scams spanning the past two years.
Unmasking “Blue” and his Connection to Monkey Drainer
Before delving into the realm of crypto scams in July 2021, the teenage scammer, known as “BlueXBT” or “JB Adventures” (Jack), had built his YouTube following by sharing gaming and trolling videos, according to a tweet by ZachXBT on Monday.
Through meticulous sleuthing, ZachXBT linked Jack to the Ethereum Name Service (ENS) address “cool-breeze.eth,” which the young scammer publicly shared in an image leaked from his Snapchat account.
Significantly, this very address had also been used to purchase the 8668th Bored Ape Yacht Club (BAYC) NFT in October 2022. But that’s not all – it received substantial inflows of over 85 ETH from eight Ethereum addresses associated with the infamous Monkey Drainer and the malevolent phishing scams for which the thief is renowned.
The Devious Tactics of the Monkey Drainer
Monkey Drainer has gained notoriety for his audacious “ice phishing” technique, which allowed him to pilfer more than $24 million worth of NFTs. Instead of directly soliciting a victim’s private keys, this nefarious hacker baits them into signing a transaction that grants the criminal control over the user’s funds by exploiting fraudulent crypto and NFT websites.
Last November, CryptoPotato reported that Monkey Drainer had purloined over 1200 ETH worth of NFTs from prominent collections like BAYC, CryptoPunks, and Otherside.
Blue’s Involvement and His Brazen Boasts
Discord screenshots shared by ZachXBT shed light on Blue’s complicity. The young scammer brazenly bragged about his acquisition of the BAYC NFT, all the while directing his accomplices to assist him in executing his scams.
However, fate had a twist in store for Blue, as he himself fell victim to theft in late 2022 when he was allegedly scammed by Monkey Drainer in a phishing scam.
Despite this setback, Blue quickly resumed his fraudulent activities using new ENS addresses. He squandered his ill-gotten gains on extravagant luxuries such as cars, watches, and shoes, and indulged in gambling on platforms like Stake.
Blue’s Callous Scams and Their Devastating Consequences
One of Blue’s recent scams involved stealing 61.5k ETH and 93.3k USDT from LoveMake.eth. Following the drainer fee, Blue kept 49 ETH and 74k USDT for himself.
Another incident saw Blue pilfer a Milady & Squiggle NFT from yancey.eth and transfer it to his ENS address, purplelobster.eth. The NFTs were valued at approximately 12 ETH, of which Blue managed to retain 10.3 ETH after paying the drainer fee.
Impact on the Crypto Community
The exposure of this $1.5 million crypto scam, intertwined with the shadowy operations of the Monkey Drainer, has sent shockwaves through the cryptocurrency community. Instances of fraudulent activities continue to underscore the importance of heightened vigilance and robust security measures in the realm of digital assets.
Industry experts and cybersecurity professionals are calling for collaborative efforts to combat such nefarious schemes. The prevalence of crypto scams poses a significant threat to both newcomers and seasoned investors in the crypto space.
Addressing the Lack of Remorse
ZachXBT’s statement expressing his dismay at the lack of remorse displayed by phishing scammers like Blue resonates deeply with the victims. While the stolen funds are squandered on tasteless extravagances, those who fall victim to these scams experience financial and emotional distress.
As investigations continue, it is vital for the crypto community to support and provide assistance to the victims while actively cooperating with law enforcement agencies to bring the perpetrators to justice.
Legal Implications and Collaborative Actions
Information about Blue (Jack) has been shared with many of his victims, as the victims are determined to pursue legal action against him. Collaborative actions among victims, investigators, and legal authorities are essential in seeking justice and holding scammers accountable for their actions.
Learning from the Past
As the crypto industry matures, it is crucial for individuals and organizations to learn from past incidents and adopt proactive measures to prevent and detect fraudulent activities. This includes conducting thorough due diligence before engaging in any financial transactions and being cautious when interacting with unknown entities online.
Educating the community about the risks and scams prevalent in the crypto space is vital for fostering a safer and more secure environment for all users.
In conclusion, the exposure of this $1.5 million crypto scam, intertwined with the shadowy operations of the Monkey Drainer, serves as a cautionary tale about the importance of heightened vigilance and security measures in the world of cryptocurrencies. As investigators continue to piece together the puzzle, the community must remain united in its fight against scams and cybercrime. Together, we can create a more resilient and trustworthy crypto ecosystem, protecting investors and safeguarding the future of digital assets.