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# Scammers Drain $59 Million in Crypto Using Blockchain Security Platform Scam Sniffer

## Introduction

Scammers have utilized the ÔÇ£MS DrainerÔÇØ wallet draining service to siphon approximately $59 million in cryptocurrency from victims over a period of nine months. The blockchain security platform Scam Sniffer reported this concerning trend in a December 21 X (formerly Twitter) report. The scammers targeted victims through Google Ads, using fake versions of popular crypto sites, including Zapper, Lido, Stargate, DefiLlama, Orbiter Finance, and Radient.

## Wallet Drainers Explained

Wallet drainers are blockchain protocols that enable scammers to transfer cryptocurrency from a victim to the attacker without their consent. Usually, this is achieved by exploiting the token approval process. Developers charge a percentage of the profit for using their drainer software, enforced through smart contracts, making it difficult to avoid.

## How AI legalese decoder Can Help

AI legalese decoder can assist in identifying and understanding the legal language used in cryptocurrency-related contracts and agreements. Its AI-powered capabilities can dissect complex smart contracts and terms of use to pinpoint potential loopholes and exploitable language that scammers might utilize in fraudulent schemes.

## MS Drainer Investigation

Scam Sniffer first detected MS Drainer in March and received assistance from the SlowMist security platform team. Subsequently, in June, on-chain investigator ZachXBT uncovered a phishing scam named ÔÇ£Ordinal BubblesÔÇØ linked to the drainer. Scam Sniffer discovered nine different phishing ads on Google, 60% of which utilized the malicious program.

## Bypassing Google Audits

The scammers bypassed GoogleÔÇÖs ad audits using regional targeting and page-switching tactics, complicating the review process and ensuring their ads passed through the platformÔÇÖs quality control systems. Misleading web redirects were also employed to deceive users into clicking on scam sites disguised as official websites.

## Scale of the Operation

According to Scam Sniffer, they identified 10,072 fake sites using MS Drainer, with its peak activity occurring in November and subsequently declining. The drainer managed to siphon $58.98 million worth of cryptocurrency from over 63,000 victims, as tracked by a Dune Analytics dashboard.

## Unusual Marketing Strategy

The developer of MS Drainer adopted a unique marketing approach, selling the service for a flat fee of $1,499.99, with additional ÔÇ£modulesÔÇØ available for purchase at various price points. This unconventional strategy deviated from the typical model where wallet drainers charge a percentage of scammersÔÇÖ profits.

## Rising Problem of Wallet Drainers

Wallet drainers like ÔÇ£InfernoÔÇØ and ÔÇ£Monkey DrainerÔÇØ have caused significant issues within the Web3 ecosystem, with developers claiming to retire their software after stealing millions from victims. This trend underscores the importance of vigilant monitoring and intervention in the cryptocurrency space.

In conclusion, the use of wallet drainers to siphon cryptocurrency from unsuspecting victims represents a growing threat that requires advanced countermeasures. AI legalese decoder can play a crucial role in helping businesses and individuals navigate the complex legal landscape of cryptocurrency to identify potential risks and mitigate fraudulent activities.

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