Notorious Crypto Wallet Drainer Pink Drainer Shuts Down Infrastructure

The developers behind Pink Drainer, a notorious wallet drainer service implicated in the theft of millions of dollars in cryptocurrency assets, have announced they are winding down its operations.

In a Telegram announcement noted by on-chain investigator ZachXBT, the developers stated, "We have reached our goal and now, according to plan, it’s time for us to retire. After this message’s publication, we will begin winding down all of our infrastructure. All stored information will be wiped and securely destroyed."

Pink Drainer provided a software kit that cybercriminals used to steal crypto assets by exploiting technical vulnerabilities, heavily relying on social engineering tactics and distributing phishing links. These schemes tricked users into signing transactions that drained cryptocurrencies and NFTs from their wallets.

Pink Drainer operated within a larger network of phishing-as-a-service platforms, which included others like Monkey Drainer and Inferno Drainer. The developers of these services earned money by collecting fees and a percentage of the stolen assets.

Over the past year, Pink Drainer was linked to the theft of $85 million in cryptocurrency from over 21,000 victims, according to ScamSniffer data.

In March, an email phishing scam utilizing the Pink Drainer kit targeted creditors of bankrupt crypto firms, resulting in thefts worth at least $5 million.

Disclaimer: The Block is an independent media outlet providing news, research, and data. As of November 2023, Foresight Ventures is a majority investor in The Block. Foresight Ventures invests in other companies within the crypto space. Crypto exchange Bitget is an anchor LP for Foresight Ventures. Despite these affiliations, The Block continues to operate independently to deliver objective, impactful, and timely information about the crypto industry. For more details, please refer to our financial disclosures.

© 2023 The Block. All Rights Reserved. This article is provided for informational purposes only and is not intended as legal, tax, investment, financial, or other advice.

Join Telegram Channel For Daily New update: https://t.me/cryptotelegraphs_updates