Scammers stole $494 million worth of cryptocurrency in wallet drainer attacks last year that targeted more than 300,000 wallet addresses.

This marks a 67% increase over 2023 figures although the number of victims only rose by 3.7%, indicating that victims held more significant amounts on average.

The data comes from web3 anti-scam platform ‘Scam Sniffer,’ which has been tracking wallet drainer activity for a while now, previously reporting attack waves that impacted up to 100,000 people at once.

Wallet drainers are phishing tools specifically designed to steal cryptocurrency or other digital assets from users’ wallets, often deployed on fake or compromised websites.

In 2024, Scam Sniffer observed 30 large-scale (above $1 million) thefts conducted via wallet drainers, with the largest single heist cashing in $55.4 million worth of cryptocurrency.

This occurred early in the year when Bitcoin’s price hikes fueled phishing activity. In the first quarter of the year, a total of $187 million was stolen via wallet drainer attacks.

In the second quarter of the year, a notable drainer service named ‘Pink Drainer,’ previously seen impersonating journalists in phishing attacks to compromise Discord and Twitter accounts for cryptocurrency-stealing attacks, announced its exit.

Although this caused a drop in phishing activity, the scammers started to gradually pick up the pace in the third quarter with the Inferno service taking the the lead by causing $110 million in losses in August and September combined.

Finally, the activity subsided in the final quarter of the year, which only accounted for about 10.3% of the total losses recorded in 2024. At that time, Acedrainer also emerged as a major player, taking 20% of the drainer market, ScamSniffer says.

Most of the losses (85.3%) occurred on Ethereum, amounting to $152 million while staking (40.9%) and stablecoins (33.5%) were among the most targeted.

Regarding trends seen in 2024, Scam Sniffer highlights the use of fake CAPTCHA and Cloudflare pages, and IPFS to evade detection, as well as a shift in signature types facilitating money theft.

Specifically, most thefts relied on the ‘Permit’ signature (56.7%) or ‘setOwner’ (31.9%) to drain funds. The first gives approval for token spending as per the EIP-2612 standard, while the second updates smart contract ownership or administrative rights.

Another noteworthy trend is the increased use of Google Ads and Twitter ads as a source of traffic to the phishing websites, with the attackers using compromised accounts, bots, and fake token airdrops to achieve their goal.

To protect from Web3 attacks, the recommendation is to interact only with trusted and verified websites, cross-check URLs with official project websites, read transaction approval prompts and permission requests before signing, and simulate transactions before performing them.

Many wallets also offer built-in warnings for phishing or malicious transactions, so make sure to enable those. Finally, use token revoking tools to ensure no suspicious permissions are active.

London, UK , Jan. 04, 2025 (GLOBE NEWSWIRE) —

Amber Mining has emerged as a game-changer in the cloud mining industry with its announcement of FCA-regulated mining contracts. This significant development ensures that cryptocurrency investors can participate in mining with greater transparency and security, backed by the stringent oversight of the UK Financial Conduct Authority (FCA).

A Milestone in Cloud Mining

Amber Mining’s FCA compliance marks a pivotal shift in the cryptocurrency mining landscape. With this move, the platform addresses common industry concerns such as fraud and lack of accountability, creating a reliable space for investors to explore cryptocurrency mining.

Amber Mining CEO stated:
“The introduction of FCA-regulated contracts underscores our commitment to protecting investors while driving innovation in the cryptocurrency mining space. We aim to set a new standard for security and trust in the industry.”

Features of Amber Mining

Amber Mining combines cutting-edge technology and strict compliance measures to offer unparalleled services to its users. Key features include:

• Global Operations: Over 100 mining centers worldwide ensure extensive service coverage.
• Advanced Hardware: Partnerships with manufacturers like Bitmain, Canaan, and Nvidia ensure efficient mining operations.
• High Hashrate Management: The platform operates with over 10 EH/s capacity, delivering significant mining efficiency.
• User-Friendly Design: The platform eliminates the need for users to manage hardware or software, making it ideal for both novice and experienced miners.
• Expert Support: A dedicated team of blockchain engineers ensures smooth technical operations.
• Consistent Earnings: Earnings are automatically credited every 24 hours for a stable income stream.

Getting Started with Amber Mining

Using the Amber Mining platform is straightforward:

1. Register on the Platform: Sign up in minutes and receive $12 immediately as a welcome bonus.
2. Choose a Mining Contract: Select from various tailored contracts based on your budget and goals. Contracts range in duration and profitability, catering to diverse investment strategies.
3. Start Profiting: Activate your chosen contract and let the system manage the mining process. Track your earnings through the platform’s intuitive dashboard and withdraw your profits as needed.

Amber Mining Contract Options

Below is a summary of the available contracts:

Conclusion

Amber Mining’s FCA-regulated contracts set a new benchmark in the cloud mining industry. By offering transparency, regulatory assurance, and cutting-edge technology, the platform empowers investors to navigate the complexities of cryptocurrency mining confidently. With global reach, user-friendly operations, and consistent earnings, Amber Mining is poised to become a leading force in the cryptocurrency mining sector.

For more details, please visit https://ambermining.com

Disclaimer: The information provided in this press release is not a solicitation for investment, nor is it intended as investment advice, financial advice, or trading advice. It is strongly recommended you practice due diligence, including consultation with a professional financial advisor, before investing in or trading cryptocurrency and securities.

HIVE Digital, a publicly traded cryptocurrency mining firm, announced this week that it will relocate its headquarters from Vancouver to San Antonio, citing support from President-elect Donald Trump’s administration for the crypto industry’s growth as a key factor in the decision.

The company described the move as a strategic response to Trump’s re-election, highlighting the administration’s pro-Bitcoin stance and its focus on innovation and regulatory frameworks for the cryptocurrency ecosystem.

“The United States offers a competitive and business-friendly regulatory environment, along with access to capital markets,” the company said. “Texas, in particular, stands out for its supportive business climate, energy infrastructure, and skilled workforce.”