In a concerning revelation, the Web3 anti-scam platform Scam Sniffer has reported a surge in sophisticated Solana wallet-draining scams, resulting in losses exceeding $4 million within the past month. In a recent X post, the platform shed light on the alarming trend that has seen over four thousand users falling victim to a widespread phishing attack, marking a significant threat to the security of Solana’s user base.
The genesis of the investigation traces back to the identification of a Rainbow Drainer after a user reported an airdrop phishing incident. Scam Sniffer issued a cautionary warning on December 16, 2023, following this revelation. The anti-scam platform underscored that scammers employ anti-simulation techniques to mask balance changes in wallets, leaving users unaware of the malicious transactions they sign, consequently leading to asset losses.
Solana Scam Surge
Data from Dune Analytics revealed that Rainbow Drainer successfully stole approximately $2.14 million from 2,189 victims. Another malevolent actor named Node Drainer emerged in a Christmas day phishing campaign, managing to siphon over $2 million in less than a fortnight.
The platform revealed that an address associated with Node Drainer converted stolen USDC to ETH via AllBridge, raking in more than $1 million in profit. This starkly contrasts traditional Ethereum-based scams, as Solana phishing attacks often involve direct transfers, capitalizing on weaknesses in transaction simulations.
In a grim analogy, Scam Sniffer characterized the blockchain ecosystem as a dark forest, teeming with lurking scammers. The platform sounded an urgent alarm, urging users to fortify their defenses against such threats by remaining vigilant and well-informed.
Despite its recent surge in popularity during the last quarter of 2023, Solana has now faced the brunt of this malicious activity. CoinMarketCap data revealed a remarkable 570% surge in the price of SOL between September 27 and December 25, 2023.
However, at the time of reporting, SOL traded at $97.61, retracting from its peak of $125.97 on Christmas day. The incident is a stark reminder of the vulnerability within the burgeoning blockchain landscape and the imperative need for enhanced user awareness and security measures.