New Crypto Scam Service Vanilla Drainer Steals $5.27 Million in Three Weeks

Vanilla Drainer has emerged as a formidable threat in the cryptocurrency space, siphoning $5.27 million from victims within just three weeks. The service, which takes a 15-20% cut from stolen funds, employs sophisticated techniques to evade fraud detection systems like Blockaid. Individual losses have soared as high as $3 million, marking a troubling escalation in crypto-draining schemes.

The drainer industry, which peaked earlier this year with nearly $500 million stolen, has seen a shift in dynamics. While security advancements have reduced overall volumes, new entrants like Vanilla are filling the void left by defunct operations. Blockchain investigator Darkbit notes a migration of high-value criminals from shuttered services like Inferno to this new platform.

These developments underscore the evolving nature of crypto crime. As security measures improve, bad actors adapt their methods, creating an ongoing cat-and-mouse game in the digital asset space. The persistence of such threats highlights the need for continued vigilance among investors and platforms alike.