Over $4 Million Stolen From Solana Wallets In Sophisticated Phishing Attacks

In a recent report, blockchain security platform Scam Sniffer has revealed that there is a new wave of sophisticated phishing attacks in the Solana ecosystem. The report stated that these Solana wallet drainers have now stolen over $4 million in user assets from 4,000 victims in the last 30 days.

Scam Sniffer Raises Alerts Over New Solana Phishing Scams

In an X post on January 13, Scam Sniffer shared information on these new sophisticated attacks aimed at Solana wallets. The “Web3 Anti-scam platform” stated that phishing attacks on the Solana network often center around direct asset transfer and exploiting vulnerabilities in transaction stimulations. 

They also highlighted the two scammers behind these waves of attacks, namely the Rainbow Drainer and the Node Drainer. According to Scam Sniffer, its earliest discovery of the Rainbow Drainer was on December 16, 2023 after one of their victims filed a report of an airdrop phishing event. 

1/ Over $4M in assets have been stolen by sophisticated Solana wallet drainers, and nearly 4k users have fallen victim to these phishing attacks in the past month. pic.twitter.com/qyNQthr7Wk

— Scam Sniffer | Web3 Anti-Scam (@realScamSniffer) January 13, 2024

The Rainbow Drainer steals from unsuspecting users who unknowingly approve malicious transactions. In addition, these scammers employ anti-simulation measures which conceal alternations in the wallet balance of their victims. Using data from Dune Analytics, Scam Sniffer reports that the Rainbow Drainer has struck 2,189 Solana users, looting $2.14 million in assets. These include $465,817 BONK, $173,382 ZERO, $165,932 USDT, $116,612 mSOL, and $93,266 USDC among others. 

The Solana Node Drainer began operation during the Christmas period, according to Scam Sniffer’s report. The “Anti-Scam” platform states that this scammer has now snatched $2.03 million worth of tokens from 1,759 victims in the last two weeks. The stolen assets include 638,644 ANALOS, $325,432 BONK, $93,987 SILLY, and $80,329 USDC among others. Of this loot, Scam Sniffer also noted that the Node Drainer has already swapped some USDC for ETH via the AllBrigde, recording over $1 million profit.

The security platform admonishes all crypto users to stay vigilant and be aware of these attackers, describing the blockchain space as a “dark forest.”

War Against Crypto Theft Continues

Scams, hacks, and fraud still remain a general concern in the crypto space for many investors, businesses, and nations worldwide. According to a report by the finance-focused publication CFO, about $1.8 billion alone was lost to crypto fraudsters and hackers in 2023. While this figure represents a commendable 51% decline from the $4 billion loss reported in 2022, there is still a need for improved security systems in the digital asset ecosystem

At the time of writing, the crypto total market cap is valued at $1.64 trillion, with a 1.88% gain in the last week. The market leader’s Bitcoin is currently down by 0.17% in the last hour, trading at 42,767. 09.

Total crypto market cap valued at $1.64 trillion on daily chart | Source: TOTAL chart on Tradingview.com

Featured image from TIME , chart from Tradingview