Pink Drainer Shuts Down After Stealing $85 Million in Crypto

Pink Drainer, the notorious crypto-wallet draining kit, has officially retired after amassing over $85 million in stolen assets. 

The announcement, made on Telegram, marked the end of a significant era in crypto theft. 

Pink Drainer Retires After $85 Million Theft Milestone

ZachXBT, a well-known crypto investigator, shared the final announcement from Pink Drainer’s Telegram channel, confirming the service’s end after it crossed the $85 million mark in stolen assets. Following the shutdown, the channel was rebranded to “Bonadifier.”

The Pink Drainer team announced that they have achieved their objectives and are retiring. As a result, they are shutting down their infrastructure and securely deleting all stored data. The developer behind the service, known only as Pink, refused further comment and deleted the Telegram chat history.

“After this message’s publication, we will begin winding down our infrastructure. All stored information will be wiped and securely destroyed,” the announcement read. 

Despite the shutdown, the threat is not entirely gone. Other drainers like Angel Drainer continue to operate, keeping the risk alive for crypto users. In February, Angel Drainer stole over $400,000 from 128 victims. Phishing activities in the crypto space have escalated with sophisticated tactics. Over the past year, nearly $300 million has been stolen from around 320,000 users through various phishing schemes.

The crypto community reacted with a mix of relief and caution. Yu Xian, founder of blockchain security firm SlowMist, commented,

“It may not be easy for the gang to retire as there are numerous law enforcement records.”

A Pattern in Crypto Draining

Pink Drainer’s retirement follows a pattern in the crypto-draining space. In November 2023, Inferno Drainer shut down after stealing $70 million. Earlier, in March 2023, Monkey Drainer ceased operations after amassing $13 million in stolen assets. These drainers operate as phishing-as-a-service platforms, collecting fees and a percentage of the looted funds.

Read more: 15 Most Common Crypto Scams To Look Out For

While the end of Pink Drainer signifies the closure of a significant chapter in crypto theft, the emergence of new drainers ensures that the threat remains.

The post Pink Drainer Shuts Down After Stealing $85 Million in Crypto appeared first on BeInCrypto.