A 'Wallet Drainer' has been linked to phishing campaigns on Google search and X ads, draining approximately $58M from over 63K victims in 9 months.
As per Scam Sniffer's report, a malevolent script siphoned nearly $59 million in digital assets from over 63,000 victims across nine months.
Over this period, 10,072 websites have been associated with Wallet Drainers, with peak activity occurring in May, June, and November.
The majority of these fraudulent activities were tied to advertisements concerning cryptocurrency and NFT airdrops.
Some adverts referenced popular blockchain projects like Ordinals Dogecoin (DOGE). Employing regional targeting and page-switching tactics, malicious ads evaded ad audits, complicating the review process.
In a test of X's ad in the feed, nine out of ten were phishing ads, with over 60% linked to this wallet-draining scheme.
Recently, Ledger, a well-known manufacturer of crypto hardware wallets, cautioned its customers regarding the risks associated with using decentralized applications (dapps).
This warning followed the discovery of an attack on the supply chain.
Attackers injected malicious javascript code into the Ledger dapp Connect Kit library, responsible for facilitating interactions between web3 applications and Ledger wallets.
This code automatically pilfered cryptocurrency and NFTs from accounts connected to the service.
Chainalysis reported an escalating trend in attackers' activities – from May 2021 to December 2023, phishing activities resulted in the theft of cryptocurrency valued at $1 billion.
During the initial stage, analysts identified at least 1,013 addresses engaged in targeted phishing.
Phishing involves a scam where criminals send deceptive emails or SMS messages, urging recipients to click a link or log into their accounts.
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