full image - Repost: Crypto-drainer scammer (from Reddit.com, Crypto-drainer scammer)
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https://ift.tt/XxyDfrV literally means stealing someone else’s cryptocurrency by tricking them into giving permission, definitely not by hacking the blockchain.Most crypto wallets can sign transactions or grant permissions, to smart contracts. Drainers exploit this by getting user to approve something malicious. Once approved, the bad actor can legally (on chain) move the funds because technically the wallet owner allowed it. So it’s more like convincing the victim to hand you over the key to the safe and less like breaking into the safe.Basically malicious approval requests… user connects their wallet to fake site any nft, mint, airdrop, defi app, to verify the wallet, site asks for token approval, the approval is unlimited, bad actor later pulls all approved tokens out the wallet.Wallet pop ups can be confusing, and bad actors rely on that, user is asked to sign somethingb that sound harmless where in reality they acctualy sign over the rights to transfer assets, change wallet premisions or hand over control to another adress etc…Phishing is one off the most popular ways not requiring any social engineering basically, a perfect copy of a legit site like uniswap, blur etc… only way to notice it is the slightly off url like extra letter or wrong domain etc… user connects their wallet wallet = drained.More into social engineering side is compromising private keys, or seed phrases fake wallet apps, support chats, google forms etc… once the bad actor own the seed phrase they own the wallet completely.Malware or browser extensions. Can replace transaction details, hijack clipboard addresses, intercept wallet interactions etc.It works so well because blockchain transactions are ireversible, wallet ux is still confusing for plenty of users, approvals can feel like routine and are done quickly.Crypto fraud or crypto draining these days is extremely common I remember years back it was fraudsters game it was hard all manual etc. Now days it’s common people game, people in debt, gamblers or just greedy people, prefer to buy a drainer for a quick financial gain and quit, of course, it’s mostly automated now so it can be done by anyone from anywhere. Some people of course never quits.Getting caught is basically impossible, if you never improvise and just follow the instructions, ofc the LE after someone gets drained millions in one go will investigate it, but if a dude sitting at his home will drain 1000 different wallets for 50 usd or 500 in a month (do the maths), most people won’t even report it, the ones who will, just be neglected and nothing will be done. That’s why they get away with it.
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