June 24, 2024
Crypto Bandits Employ Google Ads to Pilfer $59 Million via 'MS Drainer
Latest Cryptocurrency News

Crypto Bandits Employ Google Ads to Pilfer $59 Million via ‘MS Drainer

In a shocking revelation, scammers have managed to siphon approximately $59 million in cryptocurrency over the past nine months, employing a wallet-draining service known as “MS Drainer,” according to a report on X (formerly Twitter) from blockchain security platform Scam Sniffer. The scammers utilized Google Ads to target victims, creating fake versions of popular crypto sites, including Zapper, Lido, Stargate, DefiLlama, Orbiter Finance, and Radient.

Wallet-draining services are blockchain protocols that enable scammers to transfer crypto from victims to attackers without their consent, often by exploiting the token approval process. Developers of these services typically charge a percentage of the profit in exchange for using their drainer software, and this fee is enforced through smart contracts, making it difficult to evade.

The existence of MS Drainer first came to light in March, with the SlowMist security platform team aiding in the investigation. In June, on-chain investigator ZachXBT uncovered a phishing scam called “Ordinal Bubbles” linked to the drainer, revealing nine different phishing ads on Google, 60% of which employed the malicious program.

Despite Google’s auditing systems designed to prevent phishing scam ads, the scammers used “regional targeting and page-switching tactics to bypass ad audits, complicating the review process,” allowing their deceptive ads to pass through Google’s quality control systems.

To further mislead users, the scammers utilized web redirects, directing Google’s users to believe the links led to official websites. For instance, the scam site cbridge.ceiler.network, intentionally misspelling “Celer,” was disguised as the correct URL: cbridge.celer.network. Despite the correct spelling displayed on the ad, the link redirected users to the misspelt scam site.

Scam Sniffer reported the discovery of 10,072 fake sites employing MS Drainer. The drainer’s peak activity occurred in November but has since dwindled to near zero. Throughout its operations, it drained $58.98 million worth of crypto from more than 63,000 victims, according to a Dune Analytics dashboard tracking the incident.

Further investigation revealed an unusual marketing strategy employed by the developer of MS Drainer. Unlike most wallet drainers that charge a percentage of scammers’ profits, this one was sold on forums for a flat fee of $1,499.99. For additional features, the developer provided “modules” at prices ranging from $699.99 to $999.99.

The incident underscores the growing challenge of wallet drainers in the Web3 ecosystem. Recently, on November 26, the developer of the “Inferno” drainer claimed retirement after successfully stealing over $80 million. Similarly, in March, the developer of “Monkey Drainer,” which had pilfered an estimated $13 million, announced their retirement. As the cryptocurrency space grapples with security concerns, such incidents highlight the need for continued vigilance and proactive measures to safeguard users against evolving threats.

Image: Wallpapers.com

Disclosure Statement: Miami Crypto does not take any external funding, or support to bring crypto news to the readers. We do not have any conflicts of interest while writing news stories on Miami Crypto.

Related posts

Philippines SEC Warns of Potential Binance Blockage Over Licensing Issues

Kevin Wilson

Governance and Revenue Partnership: Base and Optimism Networks Team Up, Backed by Coinbase’s Neutrality

Harper Hall

Solana Surges, Flips Binance’s BNB

Bran Lopez

This website uses cookies to improve your experience. We'll assume you're ok with this, but you can opt-out if you wish. Accept Read More

Please enter CoinGecko Free Api Key to get this plugin works.