Wallets Drainers Plague Solana to Siphon Over $4M in 30 Days

Scammers and hackers look to capitalize on Solana’s recent success, particularly targeting its memecoin scene.

A Discord logo faced hacker working on his laptop.
Created by Gabor Kovacs from DailyCoin
  • Solana has recently been swarming with phishing scams employing wallet drainers. 
  • Scammers successfully stole $4 million from Solana users in 30 days. 
  • The bad actors are specifically targeting memecoin holders, according to Scam Sniffer. 

Solana, which emerged as a solid prospect among leading tokens following its historic rally in December, is now under siege from scammers and hackers looking to exploit its growing user base. In the past month alone, these malicious actors have successfully siphoned millions from unsuspecting users, marking a concerning trend for the network.

Scam Sniffer Unveils A Myriad of Phishing Scams on Solana

On Sunday, January 14, Blockchain security firm Scam Sniffer sounded the alarm on a concerning surge of phishing scams employing wallet drainers to siphon over $4 million from over 4000 unsuspecting Solana wallets in the past month. 

Scam Sniffer first uncovered the Rainbow Drainer exploit on December 16, 2023, during an airdrop phishing incident. Hackers disguised their attack as an NFT airdrop, luring victims to sign a seemingly innocent contract. Little did they know, the contract enabled hackers to drain over $2 million from 2,000 users.

Scam Sniffer analysis of Rainbow Drainer exploit.
Scam Sniffer analysis of Rainbow Drainer exploit. Source: Dune.

Soon after, the blockchain security firm discovered another drainer plaguing Solana called Node Drainer, which remained active during the Christmas holidays, managing to swipe over $2 million from 2,000 in just two weeks. Scam Sniffer’s report reveals staggering amounts of stolen BONK tokens, totaling $1 million, along with other memecoins. 

The blockchain security firm suggested the hackers mainly target BONK holders, leveraging the recent surge in popularity. The unsettling fact remains that these scammers, armed with a new phishing playbook, continue their campaigns without a Solana ecosystem blocklist for displaying such NFTs and have already switched to a new phishing campaign named MEMEDROP. 

On the Flipside

  • Crypto users lost a total of ​​$1.8 billion to hacks in 2023. 
  • Recently, hackers gained access to the SEC’s official X account, raising concerns about the commission’s security measures. 

Why This Matters

2024 looks promising for crypto, considering the developments lined up for the year, such as potential FOMC rate cuts and the Bitcoin halving. These events signal the onset of the bull run that could bring more users to the space and, unfortunately, scammers. However, amid this positive outlook, users must prioritize security measures, especially now that we’re teetering on the edge of a bull run.

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This article is for information purposes only and should not be considered trading or investment advice. Nothing herein shall be construed as financial, legal, or tax advice. Trading forex, cryptocurrencies, and CFDs pose a considerable risk of loss.

Author
Insha Zia

Insha Zia is a senior journalist at DailyCoin covering crypto developments, especially in the Cardano ecosystem. With a Bachelor of Science in Computer Systems Engineering, he delivers high-quality articles with his technical background and expertise in data analysis and programming languages, aiming to educate and inform readers accurately, transparently, and engagingly. Insha believes education can drive mass adoption of the crypto space, and he is committed to giving DailyCoin readers a better understanding of the technology.