Monkey Drainer Exposed: NFT Phishing Scandal Uncovered by SlowMist
Shanghai-based cybersecurity company, SlowMist, has published a detailed analysis of the notorious NFT phishing group, Monkey Drainer. This group is known for stealing NFTs (non-fungible tokens) from unsuspecting victims through phishing scams. NFTs are digital assets that are unique and cannot be duplicated or divided, making them highly valuable to collectors.
🚨The Monkey Drainer strikes again, bringing total damages to ~$13M.🚨
In partnership with @realScamSniffer, @Rabby_io and @nftscan_com, we conducted a thorough analysis of the recent and past phishing attacks related to the Monkey Drainer.👇https://t.co/aBRnwo1vG7
— SlowMist (@SlowMist_Team) February 10, 2023
The Monkey Drainer group first came to prominence in December 2021, when they stole over $5 million worth of NFTs from various popular platforms. Since then, they have continued to target NFT collectors and platforms, with SlowMist estimating that they have stolen over $10 million worth of NFTs to date.
The Monkey Drainer Menace
According to SlowMist’s analysis, the Monkey Drainer group operates by creating fake NFT marketplaces and scamming victims into sending their NFTs to these fake platforms. They then sell the stolen NFTs on legitimate marketplaces, making it difficult for victims to recover their assets. The group is also known to use tactics such as domain spoofing, where they create fake websites that mimic legitimate NFT marketplaces, to trick victims into sending their NFTs to the wrong address.
SlowMist has warned NFT collectors and investors to be vigilant and to take extra precautions when buying and selling NFTs and to only use trusted marketplaces and to verify the authenticity of the platform and its owners before sending any NFTs. SlowMist has also called on NFT platforms to take action to protect their users from phishing scams. They have recommended that NFT platforms implement two-factor authentication, regularly monitor their networks for suspicious activity, and educate their users on the risks of phishing scams.
A Tale of Two Worlds
The rise of NFTs has been a double-edged sword for the art and collectible world. While it has created new opportunities for artists and collectors, it has also created new opportunities for cybercriminals to target the valuable assets. SlowMist’s analysis of the Monkey Drainer group highlights the importance of taking precautions when dealing with NFTs, and the need for NFT platforms to take a proactive approach to security.
NFT Thief Uncovered
The Monkey Drainer group has caused significant harm to NFT collectors and platforms, stealing over $10 million worth of NFTs. SlowMist’s analysis provides valuable insights into the tactics used by the group and highlights the need for NFT collectors and platforms to take security seriously. It is hoped that this analysis will help to prevent similar phishing scams in the future and protect NFT collectors and platforms from losing their valuable assets.
