Since the infamous Pink Drainer developers declared their retirement after stealing over $75 million worth of cryptocurrency assets, the crypto community may finally have some peace.
The creators of Pink Drainer, a wallet draining service linked to the theft of millions of dollars in assets, have announced the end of their operations.
Pink Drainer is ceasing operations after amassing $75 million worth of stolen crypto funds and attacking close to 20,000 victims.
Pink Drainer Shuts Down
“We have reached our goal, and now, according to plan, it’s time for us to retire,” the developers said in a Telegram announcement, as first noted by on-chain sleuth ZachXBT. The developers added, “After this message’s publication, we will begin winding down all of our infrastructure. All stored information will be wiped and securely destroyed.”
According to data from ScamSniffer, Pink Drainer has been associated with the theft of $75.64 million in cryptocurrency from 19,810 victims over the past year.
A phishing email scheme associated with the Pink Drainer kit targeted the creditors of insolvent crypto companies earlier in March, resulting in at least $5 million in thefts.
Through technical vulnerabilities, cybercriminals have employed Pink Drainer’s software toolkit since its inception to plunder crypto assets.
Furthermore, the implementation of the strategy was substantial in its dependence on social engineering and deception techniques.
By using deceptive phishing websites, these schemes duped users into authorizing transactions that resulted in the depletion of their wallets containing cryptocurrencies and NFTs.
Furthermore, Pink Drainer functioned as an integral component of a broader network of phishing-as-a-service enterprises, encompassing additional platforms such as Monkey Drainer and Inferno Drainer.
Additionally, the proprietors of these services generated revenue by imposing charges and acquiring a portion of the stolen assets.
Most Recent Block Tower Breach
A notable cryptocurrency hedge fund, BlockTower, recently encountered a substantial security lapse in which unauthorized individuals extracted some funds under its supervision.
Due to the confidential nature of the matter, insiders who leaked the information declined to provide additional details.
According to PitchBook, BlockTower oversees over $1.7 billion in assets.
The hacker is evading capture, and BlockTower has not recouped the stolen funds.
The company has, nevertheless, hired specialists in blockchain forensics to examine the larceny.
According to Bloomberg, BlockTower also notified all critical collaborators regarding the breach.
However, the hedge fund has not issued a formal statement regarding the situation.
In addition, there has been a recent surge in crypto hijacking incidents on the market.
The infamous North Korean Lazarus Group has frequently employed crypto-mixing services such as Tornado Cash to obscure their traces in these attacks.
A scammer stole Wrapped Bitcoin (WBTC) coins valued at over $71 million just last week, only to return the stolen funds shortly thereafter.