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- 1 Crypto scammers have stolen about 13 million USD since it started operating.
- 2 In 2022, crypto scams and frauds lost around 3.9 billion USD.
Crypto phishing scammer, which provided ‘scam-as-a-service’, Monkey Drainer, announced its shutdown. The pseudonym shared the message on its Telegram channel, boasting its experience serving other cyber criminals. The announcement of the crypto scammer came on Wednesday, March 1, 2023, several months after it started operating within space.
Crypto Scammer Announced Full Fledged Shut Down
Monkey Drainer compared its shut down with “the end of créme de la crème.” The message further noted that it’s time to “move on to something better.” Iterating ‘nothing lasts forever,’ the scammer advised that ‘operating large-scale cybercrime’ could only be possible with the ‘highest level of dedication.’ Young cyber criminals were suggested not to fall prey to seeking easy money.
The scammer further confirmed that all the related files, servers, and devices would immediately get destroyed and said it would “not return.”
However, in its farewell, Monkey Drainer recommended Venom Drainer to those needing services, saying their comparison is “just as flawless” and “provides just an equal service.” It ended with the hail of ‘cyber gangsters’ and their future victories.
The phishing scammer reported stealing around 1 million USD worth of Ethereum (ETH) by minting a dubious duplicate of the non-fungible token (NFT). About four crypto wallets were reportedly involved in the theft belonging to Monkey Drainer.
Fraudulent Activities Generated 13Mn USD
As per the reports, Money Drainer was activated during the later part of 2022. Since then, the scammer has managed to dwindle millions of dollars in scams and fraudulent activities. It was infamous for its part in some high-profile thefts with significant values within the Web3 space. Since its inception, the scammer is said to gather almost 13 million USD worth of cryptocurrencies and non-fungible tokens (NFTs) through its illicit activities.
Prominent blockchain security firm, PeckShield also shared insight about the last activities within the crypto wallet belonging to the crypto scammer. According to the Tweet, its primary wallet had about 840 Ethereum (ETH), worth around 1.4 million USD. On its last day, it was seen to deposit some 200 Ethereum (ETH), equivalent to 330K USD, to crypto mixer Tornado Cash.
Crypto scams, fraudulent activities, and rug pulls have made it tough for new investors seeking the space. Immunefi’s report suggested that during last year alone, digital hacking, scams, and rug pulls as activities have accounted for the loss of 3.9 billion worth of crypto assets.
With a background in journalism, Ritika Sharma has worked with many reputed media firms focusing on general news such as politics and crime. She joined The Coin Republic as a reporter for crypto, and found a great passion for cryptocurrency, Web3, NFTs and other digital assets. She spends a lot of time researching and delving deeper into these concepts around the clock, and is a strong advocate for women in STEM.
