Pink Drainer, responsible for stealing $75M in crypto from around 20,000 victims, have announced the closure of their operations.
Pink Drainer’s creators, responsible for the loss of assets worth millions of dollars, have announced their decision to discontinue their business operations.
Following the theft of $75 million worth of cryptocurrency and the assault of approximately 20,000 victims, Pink Drainer has decided to shut down its operations entirely.
Pink Drainer Shuts Down
The creators announced via Telegram, “We have reached our goal, and now, according to plan, it is time for us to retire.” An on-chain detective named ZachXBT initially brought this information to light.
Following the release of this statement, the developers announced that they would begin the process of dismantling all of their support infrastructure.
We will safely delete and destroy all stored information. Statistics provided by ScamSniffer link Pink Drainer to the loss of $75.64 million worth of cryptocurrencies from 19,810 victims over the course of the past year.
A phishing email scam associated with the Pink Drainer kit targeted creditors of cryptocurrency companies that had gone bankrupt earlier in March.
The result was the theft of at least $5 million worth of cryptocurrency. Since its initial introduction, Pink Drainer has provided cybercriminals with a software toolset to exploit technological vulnerabilities and steal cryptocurrency assets.
Additionally, the strategy heavily relied on social engineering and phishing techniques. These scams, with the help of misleading phishing websites, were able to trick users into authorizing transactions that resulted in the depletion of their wallets of cryptocurrencies and non-fungible tokens.
In addition to this, Pink Drainer was a component of a wider ecosystem of phishing-as-a-service activities, which also comprised other platforms such as Monkey Drainer and Inferno Drainer.
Latest Block tower Hack
Furthermore, the operators of these services profited not only from charging fees but also from taking a portion of the stolen assets. A huge security breach occurred not too long ago at BlockTower, a prominent cryptocurrency hedge fund.
As a result of this compromise, fraudsters were able to steal a portion of the assets that were under control at the fund. Due to the sensitive nature of the situation, those who knew about the occurrence disclosed it but refrained from sharing any further details.
According to PitchBook, BlockTower is responsible for managing assets worth more than $1.7 billion. BlockTower has not yet been able to retrieve the stolen cash, as the hacker remains at large.
On the other hand, the company has hired blockchain forensics specialists to conduct an investigation into the heist. Furthermore, according to Bloomberg, BlockTower has informed all of its main partners about the security problem.
However, the hedge fund has not yet published a statement regarding the matter that is considered to be official. In addition, there has been a significant increase in the number of crypto hacking incidents on the market.
The notorious Lazarus Group, which originated in North Korea, has been known to be involved in a number of these attacks. To conceal their activities, they frequently use crypto-mixing services like Tornado Cash.
Just the week before, a con artist stole over $71 million worth of wrapped Bitcoin (WBTC) coins and promptly returned the money to the customer.