Solana Users Lose Over $4 Million to Phishing Scams in a Month
Solana (SOL), a fast-growing blockchain platform, has been facing phishing attacks from malicious actors who use sophisticated tactics to drain users’ wallets. According to Scam Sniffer, a Web3 anti-scam platform, over $4 million worth of crypto assets were stolen from Solana wallets in the past month alone, affecting nearly 4,000 people.
Who Are Behind Solana Scam?
Scam Sniffer identified two main culprits behind these incidents: Rainbow Drainer and Node Drainer. These wallet drainers use phishing websites that mimic legitimate Solana projects and offer fake non-fungible token (NFT) airdrops to lure unsuspecting users.
Once the users connect their wallets to these websites, they are asked to confirm a transaction that appears to be a simulation failure, but in reality, it is a malicious contract that transfers their funds to the hackers.
Rainbow Drainer was discovered by Scam Sniffer on December 16, 2023, during an airdrop phishing incident that involved popular Solana tokens like BONK and ZERO. The bad actor managed to steal $2.14 million from 2,189 users by using this scheme.
The drainer individually stole $464,817 in BONK, $173,382in ZERO, $165,932 in USDT, and $93,266 in USDC.
Node Drainer, on the other hand, started its operations through a Christmas phishing campaign that targeted BONK holders specifically. The malicious entity drained over $2 million from 1,762 users within two weeks.
Scam Sniffer also revealed that Node Drainer was involved in a recent hack of Mandiant’s X account (formerly Twitter), where a link to a cryptocurrency drainer phishing page was distributed. $638,644 in ANALOS tokens, $325,432 in BONK, and $93,987 in SILLY were stolen by Node Drainer.
How to Remain Safe From Solana Phishing Scams
Solana phishing scams are different from Ethereum-based scams, which usually involve indirect transfers via smart contract manipulation or DeFi exploits. Solana scams typically involve direct transfers from the victim’s wallet to the hacker’s wallet, exploiting the weaknesses in transaction simulations.
Scam Sniffer warned that Solana phishing websites are increasing every month, along with the growth of wallet-draining services. The security platform advised users to be extra cautious when dealing with cryptocurrency transactions, especially involving airdrops, which can be used to trick users into losing their funds.
Users are also urged to conduct thorough research about any project before investing and to consult only official sources during this process. Moreover, users should be aware of red flags such as requests for sending crypto assets prior to claiming rewards or tokens, or simulation failures that require confirmation.
In this world where digital currencies are increasingly valuable, vigilance remains our best defense against scams.
