Scammer Monkey Drainer is back, steals $800K of NFTs

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Key Takeaways:

  • Twenty Otherside NFTs and seven CryptoPunks were stolen by Monkey Drainer.
  • Usually, Monkey Drainer will launch phishing attacks against owners of NFTs.

ZachXBT, a blockchain investigator, claims that notorious non-fungible token (NFT) scammer Monkey Drainer has looted 20 Otherside works worth 520 ETH, or $800,000, and 7 Crypto Punks worth 20 ETH.

As stated by the blockchain investigator ZachXBT, the con artist was able to obtain 7 Crypto Punks and 20 Otherside NFTs. Accidents always happen, despite the abundance of NFT security measures that are publicly available. Unfortunately, accidents in the NFT industry frequently cause substantial losses. It’s wise to review your security mechanisms periodically.

A 24-hour transfer permission period before large nft transfers, according to user @GlobalTourism_, can be set in the permission parameters for MetaMask. Many people could benefit from setting their main targets with a 24-hour transfer lock.

Some of the NFTs were transferred between various wallets before being sold. The hacker then transferred 400 ETH through Tornado Cash, a crypto confidentiality instrument for Ethereum that was sanctioned by the U.S. government in August and cannot be lawfully used by people, based on public blockchain data accessible through Etherscan.

The scammer flushed all of the gains from the theft using the Tornado crypto mixer, claims the crypto security company PeckShield.

Over the past few weeks, Monkey Drainer has been responsible for a significant number of attacks. He  recently used phishing to steal 700 ETH ($1 million). The drainer wallet being used has processed more than 7300 transactions in just a few short months.

On October 25, the con artist took NFTs and cryptocurrencies worth $1 million. The worst period for frauds and cheats in the antiquity of cryptocurrencies was October 2022. Over $718 million was stolen using decentralised finance (DeFi) protocols in the first two weeks of October.

Monkey Drainer typically uses phishing attacks to steal from NFT holders by impersonating trustworthy cryptocurrency and NFT websites like Aptos and RTFKT. In the meantime, businesses that deal with digital assets are preparing for Monkey Drainer.

According to the number of crimes committed, October 2022 was the worst month for cryptocurrency, which was previously noted. Crypto analysis company Chainalysis predicts that 2022 will overtake 2021 as the most prolific year for hacking.

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Aadrika Sharma
Aadrika Sharma

I enjoy writing and try to learn new things every passing day!

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