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Cybersecurity researchers are warning about an increase in phishing attacks that are capable of draining cryptocurrency wallets.

“These threats are unique in their approach, targeting a wide range of blockchain networks, from Ethereum and Binance Smart Chain to Polygon, Avalanche, and almost 20 other networks by using a crypto wallet-draining technique,” Check Point researchers Oded Vanunu, Dikla Barda, and Roman Zaikin said.

A prominent contributor to this troubling trend is a notorious phishing group called Angel Drainer, which advertises a “scam-as-a-service” offering by charging a percentage of the stolen amount, typically 20% or 30%, from its collaborators in return for providing wallet-draining scripts and other services.

In late November 2023, a similar wallet-draining service known as Inferno Drainer announced that it was shutting down its operations for good after helping scammers plunder over $70 million worth of crypto from 103,676 victims since its launch in late 2022.

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