Wallet Drainer Calls It Quits

A wallet drainer operating within The Open Network (TON) recently announced its shutdown. On October 7, Web3 anti-scam platform Scam Sniffer shared this development.

The drainer claimed the decision was due to a scarcity of 'crypto whales' in the TON community, adversely impacting its business operations. The hackers behind the drainer stated, "Due to TON not having whales and it being a small community, we will close."

A Shift to Bitcoin

Interestingly, the wallet drainer is partially retiring its fraudulent activities. Instead, it redirects its users to target Bitcoin, a significantly higher-value and higher-volume cryptocurrency.

The hackers encouraged users to transition, suggesting that if they "enjoyed draining" on TON, they would "love" draining Bitcoin. This move signals a strategic pivot towards targeting more lucrative assets in the crypto world.

The Rise of TON Drainers

Since June, the TON ecosystem has seen a surge in interest from drainers. In a previous interview, Raz Niv, co-founder of Blockaid, discussed this growing trend.

He noted, "We're seeing a lot of drainers become more and more interested in the TON ecosystem [because] there is so much value streamed through TON."

One scam involved using TON's comment feature to bait users with fake transactions, masking the true intent of signatures and leading to significant losses.

"Due to TON not having whales and it being a small community, we will close."

The Cost of Phishing Scams

While TON drainers have been active, phishing scams continue to wreak havoc across the crypto landscape. In September alone, phishing attacks led to the loss of approximately $46.6 million in digital assets.

Scam Sniffer reported that over 10,800 victims were affected, with one transaction alone draining over $32 million. These attacks often deceive crypto holders into linking their wallets to fraudulent services, enabling the theft of funds.

Conclusion

The closure of the TON-based wallet drainer and its pivot to Bitcoin highlight crypto scammers' ever-evolving tactics. As they seek out more lucrative opportunities, users must remain vigilant.

Understanding the mechanisms of such scams and staying informed can help protect against significant financial losses in the digital asset space.