Nearly $500 million in cryptocurrency was stolen from more than 332,000 victims in 2024 via Wallet Drainer malware, says anti-fraud firm Scam Sniffer.
See also: Fraudsters earn $50,000 a day impersonating cryptocurrency researchers
Wallet drainers trick victims into signing malicious transactions, resulting in the theft of their assets. Last year, Wallet Drainer malware caused approximately $494 million in losses, a 67% year-over-year increase, and the largest theft was $55.48 million.
Scam Sniffer detected over 332,000 compromised addresses, a 3.7% increase from the previous year, and says that only 30 incidents resulted in losses of over $1 million each, for a total of $171 million. The highest number of Wallet Drainer malware attacks was observed during the first quarter of the year, when they targeted 175,000 victims and caused $187.2 million in losses.
See also: Ethereum: Abused to steal $60 million from 99,000 victims
Over 90,000 victims were identified in the second and third quarters of the year, when combined losses reached $257 million, and an additional 30,000 victims were observed in the fourth quarter of the year, when losses reached $51 million.
Although attacks were more frequent in early 2024, the two largest attacks last year, worth $55.48 million and $32.51 million respectively, were observed in August and September.
Recent data from Chainalysis revealed that cryptocurrency theft increased overall last year, when more than $2.2 billion in assets were stolen. In December, the US accused North Korean-sponsored hackers of stealing $308 million from Bitcoin.DMM.com.
See also: “Inferno Drainer”: New crypto phishing service targets thousands of victims
Wallet Drainer Malware is a type of malware specifically designed to target digital wallets, commonly used for cryptocurrencies and other digital assets. This malware works by exploiting vulnerabilities within wallet applications or user behavior to gain unauthorized access to sensitive information, such as private keys or account credentials. Once the malware infiltrates a device, it can quickly transfer funds from the victim’s wallet to the attacker’s account, often leaving little trace. To protect against Wallet Drainer malware, users should employ strong security practices, such as keeping wallet software updated, using hardware wallets , and avoiding suspicious links or downloads. Being vigilant and proactive in cybersecurity measures is essential to safeguarding digital assets.
Source: securityweek
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