Victim Loses Over $760,000 To A Phishing Scam: Hacker Wallet Swelling, Are There More Victims?

Markets have been hit with the latest crypto scam, and one victim lost a staggering $760,000 worth of tokens, including wstETH, stETH, and pufETH – discover how the new crypto phishing scam works here.

Rising crypto prices, FOMO, and a little excitement can sometimes be toxic. Given the worrying number of coins hackers continue to drain, crypto holders should take measures to avoid falling prey to con artists.

In 2023 alone, the FBI said crypto investment scams in the United States exceeded $3.9 billion.

According to a report on Reddit, one victim lost a staggering $760,000 worth of tokens, including wstETH, stETH, and pufETH, to a phishing scam.

Latest Crypto Scam Unpacked: Details of the Phishing Scam

In a phishing scam, the scheme operator’s objective is to steal crypto from unsuspecting holders.

The bait can be an email from a source that appears legitimate. Once clicked, it redirects to a fake website, where if the crypto holder fails to distinguish the real from the fake, they can lose funds.

In an analysis on Reddit, one analyst traced the $760,000 worth of wstETH, stETH, and pufETH from a single victim to a known hacker address. 

The analyst said that the victim seemed to have unknowingly approved malicious transactions. 

On-chain analysis revealed that the stolen crypto currently resides in a wallet linked to the attacker.

The address was created on April 10. At the time, it held over $850,000, and the number is growing. This suggests that the wallet seems to be accumulating stolen funds from multiple victims.

Interestingly, no further transactions have been identified, suggesting the attacker might be waiting for an opportune moment to cash out.

The Bottom Line: Watch Out For The “Inferno Drainer” Wallet

The investigation also uncovered a “drainer wallet” connected to the attack, the analyst notes that this type of wallet is often associated with “Scams-as-a-Service” (SaaS).

This “drainer” platform allows the hacker to launder stolen funds, receiving between 80% and 90% of the loot. The SaaS skims the rest. 

The drainer wallet is linked to Inferno Drainer, a notorious SASS tool used to siphon crypto from compromised wallets. 

First appearing in November 2022, Inferno Drainer has reportedly stolen over $108 million across 151,000 victims. 

(DUNE)

While operators claimed to have shut it down in November 2023, it seems the service has been relaunched with fresh updates.

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Disclaimer: Crypto is a high-risk asset class. This article is provided for informational purposes and does not constitute investment advice. You could lose all of your capital.