CertiK reports closure of ‘Monkey Drainer’ scam

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CertiK reports closure of ‘Monkey Drainer’ scam

CertiK Alert, a blockchain security firm, has reported the closure of a notorious phishing scam operation known as the “Monkey Drainer.”

According to the report, the Monkey Drainer was run by an individual or group operating under the pseudonym “Monkey,” who took a commission of 30% of all stolen funds from scammers using the phishing kit.

This report comes just recently after scammers intervened in blur’s airdrop.

According to the report, the Monkey Drainer is estimated to have been responsible for the theft of up to $13 million since its inception in late 2022. The phishing kit was a popular tool among scammers and was used to trick victims into divulging sensitive information or transferring funds to fraudulent accounts.

CertiK Alert discovered an on-chain fallout between two scammers operating a Monkey Drainer kit, highlighting the prevalence of the scam and the significant profits that could be made using the phishing kit.

Is this the end of these scams?

Wallet drainer vendors have noted the payment structure introduced by Monkey and have since copied it. Unfortunately, this suggests that the closure of the Monkey Drainer may not end the proliferation of similar scams.

CertiK Alert has urged users to remain vigilant and to double-check URLs, Twitter handles, and any suspicious DMs they receive. The security firm also thanked several security researchers who provided valuable insights into the Monkey Drainer scams.

The closure of the Monkey Drainer is a positive development in the ongoing fight against cryptocurrency scams. However, it also highlights the need for continued efforts to improve security and educate users about the risks of phishing and other forms of fraud in the crypto space.

In conclusion, the closure of the Monkey Drainer scam operation is a significant development in the fight against cryptocurrency fraud. However, users should remain vigilant and take precautions to protect themselves from phishing scams and other forms of fraud in the crypto space.

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