• Sat. Aug 19th, 2023

Due to a Phishing Assault, a Trader Lost $450,000 in PEPE

Jul 7, 2023
Trader Loses $450K in PEPE Phishing Attack
Marcel Bich

In two transactions, the attackers took over 356 billion tokens from his address 0x9ea22. In the comments section of the Scam Sniffer tweet, another user claimed that they had lost 2.7 billion PEPE as a result of the same attack and are currently seeking ways to get the money back.

Inferno Drainer, a scam service that takes 20% of stolen tokens, is connected to scammer addresses 0xfb4d3 and 0xfd178.

How Much Money Was Stolen

According to data from the Dune Analytics platform, the con artists stole more than $7 million in assets from 5,000 victims. They have developed 700 or more phishing sites since March 27 that target different popular projects.

One bored ape, one mutant ape, eight NFT Otherside Kodas, and eleven Otherdeeds totaling $297,000 were the biggest catches made by Pink Drainer. Scam businesses like Inferno Drainer and Pink Drainer are examples of how sophisticated phishing scams have become in the cryptocurrency environment. The hype around PEPE led to an increase in fraud.

Due to the growing interest within the crypto community on hype tokens like PEPE, scammers last month produced dozens of coins that looked identical to well-known memcoins. Information Deckshield claims that they carried out a series of so-called rug pulls after artificially inflating the price of bogus assets to draw traders. 

An example of a cryptocurrency fraud known as a “rug pull” is when cryptocurrency advocates pump a new coin to drive up its price before taking user funds with them. Investors are left holding a worthless token with no future or fundamental signs.