Fake Crypto Websites on Google Ads Drain $3 Million in Christmas Phishing Scam

A new report reveals that scammers stole over $3 million in cryptocurrency from victims this holiday season using fake crypto websites promoted through Google Ads.

The scammers created fraudulent versions of popular crypto platforms like #ZAPPER, #Lido, and #DefiLlama and used Google’s advertising system to direct victims to their fake sites.

This scheme, known as a wallet draining scam, takes advantage of the token approval process on blockchains like $ETH Ethereum. The scammers used a service called #MSDrainer to automate and enforce the unauthorized withdrawals.

Always #DYOR🟢 very very important

Scammers have used the " #MSDrainer " service to steal approximately $59 million in #crypto from victims over nine months, as per a report by #blockchain​ security firm #ScamSniffer. The scam operated via #GoogleAds , mimicking popular crypto platforms like Zapper, Lido, Stargate, DefiLlama, Orbiter Finance, and Radient.
The "MS Drainer" is a specialized tool functioning as a blockchain-based smart contract, allowing scammers to drain crypto from victim wallets without authorization. It charges a fee on the stolen amount, sharing it with developers.
Initially identified in March, the scam employed regional targeting and page-switching tactics to evade Google's ad audits, posting counterfeit ads to carry out phishing attacks. Scammers used web redirects, misleading users into accessing fake websites resembling official platforms.
Scam Sniffer uncovered 10,072 fake sites using "MS Drainer," peaking in November before a decline. Over 63,000 victims fell prey to the scheme, losing nearly $59 million in crypto.
The "MS Drainer" developer sold this tool for a flat fee of $1,499.99 on forums, offering additional "modules" at different prices.