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Pink Drainer, a wallet draining service associated with the theft of millions of dollars in cryptocurrencies, has announced the closure of its operations. Those who revealed the announcement were the creators of Pink Drainer through the service’s Telegram channel.

During its period of activity, Pink Drainer was responsible for the theft of US$75 million worth of cryptocurrencies and affected more than 20,000 victims. The service was also involved with famous hacker groups, such as Lazarus.

End of Pink Drainer activities

According to the announcement, Pink Drainer’s founders claimed that the service’s mission had “already been accomplished” and that it was time to retire. The end of operations occurred immediately, according to the statement.

“After this message is published, we will begin shutting down our entire infrastructure. All stored information will be securely erased and destroyed,” the creators stated.

According to data from ScamSniffer, Pink Drainer has been linked to the theft of $75.64 million in cryptocurrency from 19,810 victims in 2023 alone. In March, an email phishing scam linked to Pink Drainer targeted creditors cryptocurrency companies that have declared bankruptcy.

This attack, which aimed to create websites with false claims, resulted in the theft of at least US$5 million.

Since its inception, Pink Drainer has provided a software toolkit that criminal hackers have employed to steal cryptocurrencies by exploiting weaknesses in wallets. Furthermore, the strategy was leveraged with heavy reliance on social engineering and phishing tactics.

In other words, the service used deceptive websites to deceive users and make them authorize false transactions. In doing so, they gave criminals enough access to empty their wallets, stealing cryptocurrencies and NFTs.

Additionally, Pink Drainer was part of a larger ecosystem offering phishing operations as a service, which also included platforms like Monkey Drainer and Inferno Drainer. The latter also ended its activities at the end of 2023, as reported by CriptoFácil.

wave of attacks

Block Tower, a leading cryptocurrency hedge fund, recently suffered a significant security breach where criminals managed to siphon off some of its assets under management. People close to the fund confirmed the incident but declined to provide further details due to its sensitive nature.

According to PitchBook, BlockTower oversees more than $1.7 billion in assets. But no one knows how much the hackers managed to steal. Currently, the hacker remains at large and BlockTower has not yet recovered the stolen funds. However, the company hired blockchain forensic experts to investigate the theft.

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