It has come to light that crypto scammers are employing new tactics to deceive unsuspecting individuals. Specifically, wallet drainers targeting the Solana (SOL) community are adopting increasingly sophisticated methods to appear legitimate and gain the trust of potential victims. Recently, these fraudsters have created vanity addresses ending in ‘11111’ in an attempt to project authenticity and capitalize on the Solana ecosystem.
The emergence of this new strategy was highlighted in a post on X by Scam Sniffer, a platform dedicated to exposing Web3 scams. According to the post, wallet drainers within the Solana network are generating vanity addresses ending in ‘11111’ to enhance their credibility. To support this claim, a snapshot was provided, showcasing a wallet address, eWxJC…11111, as an example of this fraudulent practice.
This development follows the expansion of scams targeting Ethereum (ETH), Solana, and Tron (TRX) ecosystems. Earlier reports revealed that wallet drainers were engaging in airdrop scams to deceive crypto enthusiasts. The fake airdrop was marketed as an “exclusive opportunity,” enticing individuals to connect their wallets in exchange for ETH, SOL, and TRX rewards.
Given the widespread popularity and reputation of these crypto networks, it is likely that a significant number of individuals have fallen victim to these phishing scams. The situation has been further exacerbated by the relentless efforts of crypto hackers to present themselves as ‘legitimate’ entities.
In a concerning turn of events, it has been reported that over $900,000 worth of SOL has been lost in wallet drainer scams targeting the Solana community. Mandiant, a leading cybersecurity firm, disclosed that scammers have been utilizing the CLINKSINK drainer in campaigns aimed at Solana users since December 2023. These drainers, operating as scripts or smart contracts, exploit victims by deceiving them into approving transactions, resulting in substantial fund or token losses.
Mandiant’s report outlined that the identified campaigns involved 35 affiliate IDs associated with a drainer-as-a-service (DaaS), with operators receiving a 20% share of stolen funds. Additionally, scammers utilized social media and chat apps to distribute phishing pages themed around CLINKSINK, luring victims with fake token airdrop rewards. These pages closely mimicked legitimate cryptocurrency resources, leading victims to unknowingly sign transactions for the fake airdrop and enabling the CLINKSINK drainer to siphon their funds.
These developments underscore the importance of remaining vigilant against crypto scams and implementing robust security measures to safeguard against fraudulent activities within the crypto industry. It is crucial for individuals and communities within the crypto and NFT space to stay informed and exercise caution when engaging with potential opportunities or offers in order to mitigate the risk of falling victim to these malicious schemes.
