Coinspeaker
Pink Drainer Shuts Down after Stealing Millions in Crypto
The notorious wallet drainer tool known as Pink Drainer has made a surprise announcement. This follows after several involvement in the theft of millions of dollars in crypto assets. According to a report by on-chain investigator ZachXBT, the developers of the cybercrime service shared their intent to wind down in a Telegram message.
They claimed that the decision to close down was simply because they had reached their goal and it was time for them to retire. They also added that the announcement will be the last message from them as there will be no future comebacks. Part of the statement reads:
“After this message’s publication, we will begin winding down all of our infrastructure. All stored information will be wiped and securely deleted.”
Pink Drainer Exits Leaving a Theft Trail of $85 Million
Pink Drainer has been a go-to vendor for cybercriminals in recent times. It offered a software tool designed to exploit technical vulnerabilities through social engineering tactics and phishing links.
With its tool, bad actors could carry out malicious schemes such as creating convincing phishing sites to deceive users into transactions that ultimately drained their wallets of crypto assets and NFTs.
Pink Drainer was also a part of a larger network of phishing-as-a-service platforms. Like its other counterparts including Monkey Drainer and Inferno Drainer, its developers also earned revenue from fees after taking an agreed percentage of whatever amount of asset is stolen.
Although the announcement has an undertone of sober reflections, it is worth noting that Pink Drainer has been linked to crypto theft worth nothing less than $85 million in the past year alone. According to ScamSniffer data, the use of Pink Drainer negatively impacted over 21,000 victims in the past year.
One of the most notable scams of the infamous wallet drainer happened in March 2024. The scam focused on creditors of bankrupt crypto firms through email phishing, leading to thefts of at least $5 million.
That March incident did not only show the tool’s ability to exploit high-profile vulnerabilities. It also highlighted the level of financial damage that the tool can inflict on any victim.
Implications for Cybersecurity and Future Threats
The shutdown of Pink Drainer is certainly a big win in an ongoing fight against cybercrime. For cybercriminals, the loss of such a prolific tool is poised to disrupt their activities, at least, for now. However, it must be noted that the threat remains, even as alternative phishing-as-a-service platforms continue to exist.
