Infamous crypto scam service Pink Drainer shuts down after netting $85 million Infamous crypto scam service Pink Drainer shuts down after netting $85 million
Over the past year, three of the most popular "scam-as-a-service" provider has quit operations.
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Updated: May. 17, 2024 at 11:23 am UTC
Cover art/illustration via CryptoSlate. Image includes combined content which may include AI-generated content.
Pink Drainer, a notorious crypto wallet-draining service, is winding down its operations, according to a May 16 screenshot shared by blockchain sleuth ZachXBT.
A Dune analytics dashboard by Web3 anti-scam firm Scam Sniffer showed that Pink Drainer, through its numerous fraudulent schemes, pilfered over $85 million from more than 21,000 victims in the last year alone.
This closure marks yet another “scam-as-a-service” provider stepping out of the scene recently. Last year, Inferno Drainer and Monkey Drainer ceased operations due to undisclosed reasons.
Why is Pink Drainer quitting?
In the screenshot, Pink Drainer stated they have achieved their objectives and are retiring. Consequently, they intend to wind down their infrastructure and securely eliminate all stored data. The statement reads:
“We are truly happy to have supported all of you for over a year without any scams, backdooring, or major incidents. This entire thing grew so much larger than we could have even imagined it would have when we had started. We apologize for the lack of prior notice about our departure, but I think most of you will understand.”
The scammers cautioned users to be wary of impersonators, emphasizing that they do not plan to return in the future. It added that any future communication would be signed by one of its wallets, identified as “0x636/0x9fa”.
Pink Drainer acknowledged that its retirement might not significantly disrupt the scene, as users are likely to transition to other similar services. Therefore, it encouraged financially stable users to step back from the fray and enjoy life.
Meanwhile, Pink Drainer’s announcement has been met with relief within the crypto community. Yu Xian, the founder of blockchain security firm SlowMist, wrote:
“The old [phishing] gang Pink Drainer announced its closure after making a total profit of $75M. It may not be that easy to ‘retire’ as there are a lot of law enforcement records. Waiting for the moment when the gang is caught.”
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Oluwapelumi Adejumo
Oluwapelumi values Bitcoin's potential. He imparts insights on a range of topics like DeFi, hacks, mining and culture, underlining transformative power.
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Ethereum is a decentralized, open-source blockchain platform that enables the creation of smart contracts and decentralized applications (DApps).
ZachXBT is an independent on-chain sleuth who is popular on revealing bad actors in the crypto space.