Monkey Drainer Continues To Clean Out Shitcoiners
In today's edition of YIYL (You Invest, You Lose) we take a look at the insecure state of shitcoin networks and the shitcoin user experience. This is something that will probably never get solved because it relies not on the technology but on manipulating user behaviour.
You see most shitcoin's cannot hold a candle to returns bitcoin provides, so people who bet on these tokens need to engage with other services to generate a yield to try and close the gap, and push the narrative that they can outcompete bitcoin, a small fraction of people get out, the rest have below average returns due to the dumping and so we continue.
But the allure of returns remains, and to access those returns, you need to hold your funds in a hot wallet with keys on your device so you can sign them, there is no way around this and every time you sign your keys you are at risk.
Incomes monkey drainer
Hacktober has been a good month for those who work on poking the security of smart contracts and people taht use them with over 300 million gone this month alone. A phishing scammer called "Monkey Drainer" stole around 700 ETH (~$940,000) in 24 hours on October 25, according to blockchain sleuth zachxbt.
The scammer used malicious phishing sites to trick users into signing transactions that then drained cryptocurrencies and NFTs from their wallets.
Some individual victims lost crypto valued at hundreds of thousands of dollars, and others lost NFT collections. Zachxbt estimated the total amount stolen by Monkey Drainer to be around $3.5 million.
https://twitter.com/zachxbt/status/1584955933452484613
If you think this is a once off you're mistaken and CertiK proves this by detecting nearly 300 phishing attacks, a 170% increase from the first quarter’s total of 106.
So these scams work, and these scams are going to get more and more of you, it's very easy to clone a website, buy a domain, run some ads or get bots to share a link and steal morons' money, the cost do to it is so cheap and the returns are so good it will keep happening.
The Monkey Drainer team's modus operandi is to utilize automated bots to flood and spam the comment threads of nearly all crypto-related tweets and sucker people into phishing websites.
Monkey Drainer Still At Large
Christophe Durand, deputy chief of France’s national cyber unit, praised ZachXBT’s assistance in identifying the phishing scams and while his Twitter following grows, the average person doesn't see these tweets, this is not an efficient way to protect people. While Zach does a great job, he can only impact so many people and the rest will have to do it themselves.
Also, many people who follow Zach continue to get scammed due to survivorship bias since they think they are too smart, it hasn't happened to them so it will never happen to them.
While there are already numerous campaigns that aim to educate people about phishing activities, perpetrators still manage to do their dirty work, because it's about hacking the person, not the technology, and there is a scam for every person.
Leaving investors to deal with severe losses, if not empty-handed.
What happens to the money?
As a selfish individual that cares only about his personal gain, I am a big fan of hacks, I think they are an important part of how this ecosystem develops.
It teaches people that they need to protect themselves and take ownership of their funds in a proper manner and continues to showcase the shortcomings of shitcoin apps and their security too.
There is no better education than getting kicked in the nuts.
From a financial standpoint, when people get hacked, they now have fewer funds to compete with me to buy bitcoin, so I can freely buy it.
When funds get hacked, hackers are sitting with it trying to clean it and get it out into something, the longer those funds sit, the longer it doesn't compete with me to out purchase my position in bitcoin.
So as these funds conitnue to be misallocated, I get to front run them before their eventual capitulation into bitcoin.
Sources:
Have your say
What do you good people of HIVE think?
So have at it my Jessies! If you don't have something to comment, "I am a Jessie."
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Posted Using LeoFinance Beta
at least they used an epic name for their malware :))))
Posted Using LeoFinance Beta
Lol I guess all you can do is laugh at it, really, the comic relief is all you're going to get
Man, that figure stolen by the so called, Monkey Drainer is huge. Whaaaaat?
Crypto Hodlers must be increasingly security conscious.
Posted Using LeoFinance Beta
we've seen a total of 700 million lost to hacks in October for shitcoin holders alone, lol bitcoin hasn't been hacked ever lol do the math
lol right
Posted Using LeoFinance Beta
Lol there is always a silver lining, if you want to mess around with shitcoins, doesn't phase me one bit, i'll take the sats you could have had