Trust Betrayed: Solana Wallet Drainers Unveil Sneaky Strategy To Maintain Illusion Of Credibility

Crypto scammers are employing new and inventive methods to deceive unsuspecting individuals. Those behind Solana (SOL) wallet drainage schemes are making significant efforts to appear credible and reliable. Even individuals who have remained vigilant against scams may find themselves targeted. These scammers have recently used vanity addresses to enhance their perceived legitimacy and exploit the Solana community for financial gains.

As per a recent entry on X by Scam Sniffer, a platform dedicated to exposing Web3 scams, exploiters focused on the Solana ecosystem are crafting customized addresses, concluding with ‘11111’. The post states, “Perpetrators draining Solana wallets now adopt vanity addresses concluding with ‘11111’ to project an illusion of reliability.” Scam Sniffer provided a snapshot featuring a highlighted wallet address, eWxJC…11111, to substantiate this assertion.

This latest development follows the infiltration of these fraudulent actors into the Ethereum (ETH), Solana, and Tron (TRX) ecosystems. In a recent disclosure on X, scam Sniffer exposes scammers’ expanding reach across ETH, SOL, and TRX communities.

The fraudulent airdrop was promoted as a one-of-a-kind chance tailored for cryptocurrency enthusiasts. Furthermore, the deceptive airdrop scheme sought to entice individuals into linking their wallets to claim rewards in ETH, SOL, and TRX.

Considering these cryptocurrency networks’ widespread appeal and trustworthiness, numerous individuals may have fallen prey to this phishing deception. Furthermore, the scenario has been exacerbated as crypto hackers exploit every possible avenue to present themselves as ‘authentic.’

Wallet Drainer Scams Result In Loss Of Over $900,000 In Solana

On the 3rd of Jan, 2024, Mandiant’s X account faced a breach, leading to the dissemination of links redirecting users to a deceptive cryptocurrency-draining phishing page. Mandiant swiftly regained control of the compromised account within a short period. Following this incident, the company disclosed details about the CLINKSINK drainer utilized in the cyber attack.

However, Mandiant’s investigative report reveals that since Dec 2023, multiple fraudsters have utilized the CLINKSINK drainer in coordinated campaigns aimed at Solana users. These drainers, functioning as either scripts or smart contracts, exploited unsuspecting victims by manipulating them into authorizing transactions, resulting in substantial losses of funds or tokens.

Moreover, the report highlighted that 35 affiliate IDs linked to a drainer-as-a-service (DaaS) were identified in the mentioned releases. DaaS operators provide scripts to affiliates, earning 20% of the ill-gotten gains. Moreover, over $900,000 worth of SOL has been lost in various Solana scams.

In the observed schemes, cryptocurrency scammers leveraged social media and chat platforms like X and Discord to disseminate phishing pages themed around CLINKSINK. Additionally, these fraudulent pages enticed victims with bogus token airdrop rewards resembling legitimate cryptocurrency platforms like Phantom and DappRadar. Victims unknowingly connected wallets, authorizing transactions for a fake airdrop, allowing the CLINKSINK drainer to deplete funds stealthily.

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The author’s views are for reference only and shall not constitute any investment advice. Please ensure you fully understand and assess the products and associated risks before purchasing.

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