Pink Drainer Crypto Wallet-Draining Service Winds Down

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Pink Drainer Announces Closure of Cryptocurrency Wallet-Draining Service

Pink Drainer, a well-known crypto wallet-draining service, has recently revealed its plans to shut down operations, as per a screenshot shared by blockchain investigator ZachXBT. Analysis from Dune analytics by Web3 anti-scam firm Scam Sniffer indicated that Pink Drainer managed to siphon off more than $85 million from over 21,000 victims in the past year through various fraudulent methods.

This development signifies another instance of a “scam-as-a-service” provider exiting the market in recent times, following the closure of Inferno Drainer and Monkey Drainer last year for undisclosed reasons.

Reasons behind Pink Drainer’s Decision

According to the shared screenshot, Pink Drainer cited the accomplishment of its objectives as the primary reason for winding down its operations. The group expressed its intention to dismantle its infrastructure and securely erase all stored data. The statement mentioned:

“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.”

Additionally, Pink Drainer warned users to remain cautious of imposters and assured that there are no plans for a comeback. Any future correspondence will be authenticated by one of its wallets identified as “0x636/0x9fa”.

The organization acknowledged that its retirement may not significantly disrupt the space as users could easily switch to similar services. It advised financially stable users to take a step back from the tumult and relish life outside the realm of scams.

Conversely, the crypto community welcomed Pink Drainer’s exit with a sense of relief. Yu Xian, the head of blockchain security firm SlowMist, expressed his thoughts via a social media post:

“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.”

Conclusion

In conclusion, the shutdown of Pink Drainer marks the end of a period characterized by fraudulent activities in the cryptocurrency space. While the departure of such entities is a positive development, it serves as a reminder for users to remain vigilant and exercise caution when engaging in the digital asset sphere.

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Chris Jones

Hey there! 👋 I'm Chris, 34 yo from Toronto (CA), I'm a journalist with a PhD in journalism and mass communication. For 5 years, I worked for some local publications as an envoy and reporter. Today, I work as 'content publisher' for InformOverload. 📰🌐 Passionate about global news, I cover a wide range of topics including technology, business, healthcare, sports, finance, and more. If you want to know more or interact with me, visit my social channels, or send me a message.
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