A new wallet exfiltration scheme has emerged in the cryptocurrency underground, increasing pressure on an ecosystem already dealing with a relentless wave of phishing attacks.
On November 9, SlowMist founder Yu Xian said his team had identified a growing group of victims associated with a group known as Eleven Drainers.
Emergence of Eleven Drainers reveals growing vulnerabilities in cryptocurrency security
Xian pointed out that this is a new cryptocurrency phishing-as-a-service organization that has become increasingly active in recent weeks.
His remarks show operators are expanding their range and adjusting their technology. This change led SlowMist researchers to investigate whether the group had introduced more sophisticated exploitation techniques.
Tweet from the founder of Slowmist
Meanwhile, Eleven Drainer joins an industry crowded with professional drainage service providers, including Angel and Inferno Drainer.
Over the past few years, this field has flourished as fraudsters are able to perform large-scale malicious operations with minimal effort.
These kits provide everything fraudsters need, including cloned websites, fake social media accounts, smart contract scripts, and automated workflows. In return, the operator receives a portion of the stolen funds.
As a result, these malicious actors have become the backbone of modern cryptocurrency phishing campaigns. In 2024, losses from drainage contractors amounted to an estimated $494 million, an increase of 67% from the previous year.
However, despite the sophistication of these groups, security experts emphasize that user behavior remains the weakest link in most incidents.
According to them, these attackers rely on hasty decisions and misleading prompts. They also Employ social engineering tactics to convince users to sign off on assets without being aware of red flags.
Xian emphasized this reality, noting that other than disciplined online behavior, “there is nothing special about defense.”
His guidance follows a clear logic: always avoid unfamiliar websites, inspect all wallet signature requests, and refuse to approve transactions under pressure.
The post New Crypto Phishing Gang Is Targeting Wallet Users and Stealing Millions of Dollars appeared first on BeInCrypto.
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