PANews reported on April 4 that the Web3 anti-fraud tool Scam Sniffer published a post saying that the new scam Venom Drainer, as a service provider, has defrauded 15,000 investors of $27 million, and the first five victims lost $14 million. The scam has currently created 530 phishing websites targeting more than 170 projects including Arbitrum, Blur, zkSync, Optimism, and MetaMask.

Its phishing methods include: obtaining the victim's approval and transferring ERC20 tokens on the blockchain; deceiving users into signing malicious NFT listings, usually with a low listing price. Venom Drainer first appeared in an announcement by the phishing scam team Monkey Drainer claiming to be offline. Monkey Drainer recommended Venom Drainer in a message to customers.