Be Careful: Crypto Drainers Stealing Cryptocurrencies From Wallets
The Singapore Police Force and the Cyber Security Agency (CSA) of Singapore have jointly issued a cautionary statement regarding the increasing threat posed by “crypto drainer” malware. As the popularity and value of digital assets rise, cybercriminals are increasingly utilizing these malicious tools to target cryptocurrency wallet owners, alert the authorities.
A crypto drainer is a form of malware specifically designed to target crypto wallets. Often deployed through phishing attacks, where victims unwittingly click on malicious links or open harmful attachments, these drainers exploit the victim’s consent to execute malicious transactions. This results in the theft of cryptocurrencies stored in the compromised wallets.
In response to this emerging threat, the advisory provides a set of precautionary measures for cryptocurrency owners to safeguard themselves from falling victim to the crypto drainer scam. One highlighted recommendation is the use of hardware wallets for enhanced security.
Additionally, users are advised to exercise caution when encountering offers that seem “too good to be true,” verify the legitimacy and functions of smart contracts before interaction, and limit high allowances through blockchain explorers or wallet interfaces.
The advisory emphasizes the importance of thorough research on projects and cryptocurrencies before linking wallets, urging investors to validate the legitimacy of project websites. It also advises connecting a newly created or empty crypto wallet when uncertain about a project or token and emphasizes the confidentiality of seed phrases, cautioning against divulging them to anyone.