Singapore Police Warn About ‘Crypto Drainers’ Stealing Cryptocurrencies From Wallets

Singapore’s Police Force and Cyber Security Agency (CSA) have issued a joint warning about “crypto drainer” malware, which steals cryptocurrencies from wallets. As digital assets become more popular, “Cybercriminals are increasingly leveraging crypto drainers to target owners of cryptocurrency wallets,” the authorities cautioned.

Singapore Police Warn About Crypto Drainers

The Singapore Police Force and the Cyber Security Agency (CSA) of Singapore issued a joint advisory on Wednesday advising investors to protect themselves from crypto drainers. They explained:

Cybercriminals are increasingly leveraging crypto drainers to target owners of cryptocurrency wallets (‘crypto wallets’) as the use of cryptocurrencies become increasingly popular with their dollar values correspondingly increasing.

The authorities explained that a crypto drainer “is a type of malware that targets crypto wallets,” adding: “These drainers are often deployed as part of phishing attacks, where the victim is tricked into clicking a malicious link or opening a malicious attachment. By doing so, the victims are tricked into consenting to a malicious transaction that allows the drainer to steal cryptocurrencies stored in their wallets.”

The advisory also includes a list of measures crypto owners can take to safeguard themselves from the crypto drainer scam. One of the measures is:

Using a hardware wallet for enhanced security.

Other measures include being wary of “too good to be true” offers, verifying smart contract legitimacy and functions before interaction, and limiting high allowances using blockchain explorers or wallet interfaces.

Moreover, the authorities advised investors to thoroughly research projects and cryptocurrencies before linking their wallets and only make connections after verifying the project website’s validity. The advisory also notes that investors should also consider connecting a newly created or empty crypto wallet when uncertain about a project or token, and should not divulge seed phrases to anyone.

Have you come across crypto drainer malware? Let us know in the comments section below.