More Than 4000 Solana Users Lost Money Because of “Fake Airdrop”

Over 4,000 users on Solana are reported to have lost a total of nearly 4 million USD through the Rainbow Drainer - Fake Airdrop scheme.

More Than 4000 Solana Users Lost Money Because Of “fake Airdrop”_65b9764892152.webp

More than 4000 Solana users lost money because of “Fake Airdrop”

According to the estimates by Scam Sniffer, a Web3 anti-scam entity, in December 2023, scammers earned over 4 million USD from 4,000 wallets on the Solana network.

1/ 🚨 Over $4M in assets have been stolen by sophisticated Solana wallet drainers, and nearly 4k users have fallen victim to these phishing attacks in the past month. pic.twitter.com/qyNQthr7Wk

— Scam Sniffer | Web3 Anti-Scam (@realScamSniffer) January 13, 2024

The primary scam method used is called Rainbow Drainer, where a fake airdrop is organized to trick victims into verifying transactions and inadvertently granting control of their wallets to the attackers. Leveraging technology to prevent wallets from reflecting the changed balances, hackers managed to steal 2.14 million USD from 2,189 wallets using this method.

more than 4000 solana users lost money because of fake airdrop 65b9764895239

Another prevalent scam method is called Node Drainer, where scammers utilize a Christmas campaign for a phishing attack. This form of attack yielded over 2 million USD from 1,700 individuals within a two-week span during the holiday season.

Notably, Scam Sniffer reported that one attacker’s wallet stole 1 million USD, and subsequently, they swapped USDC for ETH through AllBridge.

Unlike Ethereum, where most hacks occur due to approval-related issues, on Solana, fraudulent schemes mainly involve deceiving users into making direct transfers. Although Solana supports transaction simulation, hackers are increasingly employing sophisticated tactics to circumvent regulations and make victims more susceptible to traps.

Related: BitMEX Founder Sells Solana to Acquire Ethereum

In addition to individual users’ wallets, blockchain platforms are also in the crosshairs of hackers, but this requires more complex attack techniques. According to De.Fi’s report, the crypto industry witnessed a loss of 1.95 billion USD due to scams, hacks, and security attacks in 2023.

(100 votes)

5.0/5

(100 votes)

Latest

Binance Linked Group Joins Drafting Of Crypto Legislation In Kenya

News | Editor Choice | Policy & Regulations

Binance-Linked Group Joins Drafting of Crypto Legislation in Kenya

The inclusion of an organization allegedly closely tied to Binance in Kenya’s new crypto regulatory board has sparked concerns among local startups about potential policy manipulation and unfair competition.

Transforming $86,000 Into $1 Million Through Daily Bitcoin Dca

Editor Choice | Bitcoin

Transforming $86,000 into $1 Million through Daily Bitcoin DCA

An account X is sharing a video about the daily DCA (Dollar-Cost Averaging) journey of Bitcoin from $86,000 to $1 million after nearly 2 years.

The American Bank Urges Customers To Sell These 3 Coins

Altcoin | Editor Choice | Policy & Regulations

The American Bank Urges Customers to Sell These 3 Coins

The federally licensed digital bank Anchorage Digital has urged customers to withdraw funds from USDC, AUSD, and USD0.

Bitcoin Continues To Rise As Market Enters A Crucial Phase

News | Bitcoin | Editor Choice

Bitcoin Continues to Rise as Market Enters a Crucial Phase

The cryptocurrency market is at a decisive moment as Bitcoin hovers around the $110,000 mark, signaling a potential breakout amid an intense standoff between bulls and bears.

Crypto Market Faces Volatility Ahead Of Trump Tariff Pause Expiration

News | Editor Choice | Policy & Regulations

Crypto Market Faces Volatility Ahead of Trump Tariff Pause Expiration

The crypto market is entering a sensitive phase as the Trump tariff pause nears its end and nearly $15 billion in Bitcoin options are set to expire, putting significant pressure on investor sentiment.