Crypto scammers appear to have developed new strategies to deceive the gullible. Even those who have been cautious about falling for these scams could still fall victim to Solana (SOL) wallet drainers since they make every effort to appear genuine and reliable. These con artists have recently started using vanity addresses to boost their reputation and profit from the Solana community.
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What Is The New Tactic Used by Wallet Drainers?
Scam Sniffer, a website that exposes Web3 scams, said in a post on X that drainers aiming for the Solana ecosystem are creating vanity addresses that conclude in "11111." According to the report, in an effort to look reliable, "Solana wallet drainers are now creating vanity addresses that end in '11111'." Scam Sniffer sent a screenshot with the wallet address, eWxJC...11111, underlined to support the accusation.
This update follows the scammers' incursions into the ecosystems of Tron (TRX), Solana, and Ethereum (ETH). Coingape previously revealed that cryptocurrency wallet drainers were pulling off an airdrop fraud. Scam Sniffer revealed that these con artists are now active in the ETH, SOL, and TRX communities in a recent post on X.
The fictitious airdrop was promoted as a cryptocurrency aficionados' "exclusive opportunity." In addition, the airdrop fraud sought to entice users to link their wallets in order to get prizes in the form of ETH, SOL, and TRX.
It's possible that a number of people fell victim to the phishing scam given the standing and popularity of these crypto networks. Furthermore, things have gotten worse since cryptocurrency hackers are seizing any chance to establish their legitimacy.
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More than $900K Solana Victim of Wallet-Depleting Scams
Mandiant's X account was hacked on January 3, 2024, which resulted in the dissemination of links to a phishing page that steals cryptocurrency. In a matter of hours, the cybersecurity company was able to recover access to the account. Following that, the business disclosed details on the CLINKSINK drainer that was employed in the assault.
As per the research by Mandiant, multiple con artists have been using the CLINKSINK drainer to target Solana users since December 2023. These drainers tricked victims into approving transactions by acting as scripts or smart contracts. Massive losses in funds or tokens follow from this.
According to the report, 35 affiliate IDs connected to a drainer-as-a-service (DaaS) were involved in the discovered campaigns. Affiliates get scripts from DaaS operators in exchange for a 20% cut of the money that is stolen. Moreover, these Solana scams have cost SOL more than $900,000 in lost revenue.
In campaigns that were seen, the cryptocurrency con artists disseminated phishing pages with a CLINKSINK motif and attracted victims with fictitious token airdrop incentives using social media and chat applications like X and Discord. These pages resembled reputable bitcoin resources like Phantom and DappRadar. victims. As a result, the victims enabled the CLINKSINK drainer to steal their money by connecting their wallets and unintentionally signing transactions for the fictitious airdrop.