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Crypto wallet-draining scams turn fake airdrops and other phishing lures into theft by persuading people to connect a wallet and authorize a malicious action. The software can be supplied as a service: operators provide scripts or infrastructure, while affiliates bring victims to counterfeit sites. The critical risk is often not the connection itself, but an approval or signature that lets a contract spend tokens.

What is a crypto drainer?

Check Point Research defines crypto drainers as malicious programs or scripts designed to transfer cryptocurrency from victims’ wallets without consent. In a scam-as-a-service arrangement, a provider supplies draining tools or related infrastructure, and affiliate criminals attract victims. This division of labor can make wallet theft easier to scale than a one-off phishing attempt.

Check Point Research’s December 2023 investigation described Angel Drainer and reported that the service model could involve a percentage of stolen proceeds. The Hacker News, in its December 30, 2023 report on Angel Drainer, said collaborators were typically charged 20% or 30%. That range is a reported example, not a universal fee. Neither account establishes which named services or affiliates remain active in October 2026.

How do crypto drainers steal tokens?

1. A phishing lure leads to a counterfeit site

A victim may receive an unsolicited airdrop offer, urgent claim notice, or social-media link. The destination imitates a legitimate project or service and asks the visitor to connect a wallet. Check Point’s 2023 investigation described activity across Ethereum, Binance Smart Chain, Polygon, Avalanche, and almost 20 other networks. That is the scope reported at the time, not a current count of supported networks.

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2. A wallet prompt asks for authority

Connecting a wallet lets a site request interactions; by itself, a connection does not necessarily transfer assets. The more consequential prompt may ask the user to approve token spending or sign a message that establishes permission. If the request is malicious, the wallet holder may be authorizing a contract or spender to move tokens.

3. The permission may be used later

Once a usable permission exists, a malicious contract can move covered tokens. In the mechanism described by Check Point, a signed permit could give a scammer’s contract access, after which a transfer could move tokens from the wallet. A delay or the absence of an immediate transfer does not make a signature safe.

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Token approval and permit signature: what is the difference?

Both mechanisms can grant a spender permission to use tokens, but the authorization appears differently to the wallet holder. An approval such as approve is an on-chain transaction. An ERC-20 permit can establish an allowance through an off-chain signature that may later be submitted on-chain. A permit therefore may not present as the same approval transaction at the moment the user signs.

Permission type What the user authorizes What may be visible at the time What to check
On-chain token approval A spender’s ability to use a token, subject to the allowance granted. An approval transaction is submitted on-chain. Confirm the spender, token, amount, and whether the allowance is limited or ongoing.
ERC-20 permit signature A signed permission that can establish a token allowance. An off-chain signature; an approval transaction may not appear first. Understand which token, spender, amount, and validity period the signature covers. Do not treat a lack of an immediate transfer as proof it is harmless.

The exact information shown varies by wallet and request. If you cannot determine what a prompt authorizes, do not approve or sign it; verify the request with the project through a trusted, independently located channel.

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Why a hardware wallet is not a complete defense

A hardware wallet can help protect private keys from exposure on an internet-connected computer, but it cannot make a malicious approval safe. If a person reviews a deceptive prompt and confirms it on the device, the wallet may still authorize the harmful action. Hardware custody is one layer; checking the request and managing allowances remain necessary.

How to reduce the risk

  • Be skeptical of unsolicited claims. Treat airdrops, urgent rewards, and social-media links as suspicious when they ask you to connect or authorize a wallet.
  • Verify the destination independently. Check the domain and reach the project through a trusted source you find separately. A familiar logo, name, or wallet-connection prompt does not prove a site is legitimate.
  • Read the authorization. Before approving or signing, identify the asset, spender, amount, and duration or expiration covered. Do not proceed if the wallet does not make the request understandable.
  • Check contracts through trusted sources. Confirm contract legitimacy using the project’s verified channels and independent information rather than links supplied by the suspicious site.
  • Limit and review allowances. Where possible, avoid large or indefinite spending permissions. Periodically inspect token allowances using a trusted wallet interface or blockchain explorer, and revoke permissions you no longer need.

These steps reduce risk but cannot guarantee safety. A completed blockchain transfer may not be reversible.

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What to do after approving or signing something suspicious

  1. Stop interacting with the site. Do not approve further requests or enter recovery phrases or private keys. Disconnecting the site may end its connection to the wallet, but it does not by itself remove an existing token allowance.
  2. Use a trusted device and source to assess permissions. Check the affected wallet’s token approvals through a trusted wallet interface or blockchain explorer. If you cannot confidently identify or revoke a suspicious allowance, seek help from the wallet provider or a trusted security professional.
  3. Protect remaining assets urgently. Check Point Research’s 2024 case study advises not continuing to use a wallet suspected of interacting with a drainer until a new wallet is created or token-spending approvals are revoked. Follow trusted wallet or provider incident-response guidance; moving assets to a new wallet may be appropriate, but do so carefully and never disclose a recovery phrase to anyone offering help.
  4. Understand what recovery can and cannot do. Revoking an allowance can stop future use of that permission, but it does not reverse transfers already completed. Report the incident to the wallet provider and relevant platform, and preserve transaction details for any report.

A separate 2024 case shows the same risk in an app

In a separate case, Check Point Research reported that a malicious Android app impersonated WalletConnect, prompted users to connect wallets, then sought approvals and used subsequent token transfers to withdraw assets. The report attributed more than 10,000 downloads and approximately $70,000 stolen to that case. These figures concern that specific app investigation; they are not Angel Drainer totals.

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How much did the named services steal?

Published estimates differ and should not be combined as if they were one audited total. The Hacker News reported on December 30, 2023 that Inferno Drainer had stolen over $70 million from 103,676 victims. Check Point Research’s December 2023 report said similar services, including Inferno, assisted in stealing over $80 million. The sources do not reconcile those estimates, and neither figure establishes current activity.

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