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Crypto Phishing Group Angel Drainer Reportedly Steals $400,000 From 128 Wallets

A cryptocurrency phishing collective known as Angel Drainer has pilfered more than $400,000 from 128 crypto wallets by implementing a deceitful vault contract recently.

As detailed in a post by blockchain security company Blockaid on February 13, Angel Drainer utilized a novel method to exploit Etherscan’s verification tool, masking the malicious attributes of their smart contract.

Angel Drainer Goes Crypto Phishing

At 6:40 am on February 12, Angel Drainer executed the attack by deploying a malicious Safe vault contract, as revealed by Blockaid.

Subsequently, users unwittingly authorized a ‘Permit2’ transaction within the compromised contract, resulting in the theft of $403,000.

Blockaid highlighted that Angel Drainer deliberately opted for a Safe vault contract to lull users into a false sense of security—a typical strategy in crypto phishing endeavors—leveraging Etherscan’s automatic verification flag for Safe contracts.

It’s essential to clarify that the attack wasn’t a direct assault on Safe, with its user base not experiencing widespread repercussions. Blockaid promptly informed Safe about the incident and is actively collaborating to mitigate any potential further harm.

Blockaid stated, “This is not an attack on Safe […]. Rather, they decided to use this Safe vault contract because Etherscan automatically adds a verification flag to Safe contracts, which can provide a false sense of security as it’s unrelated to validating whether or not the contract is malicious.”

Angel Drainer’s Track Record

Blockaid’s February 5 post revealed that within a mere 12-month span, Angel Drainer has successfully drained over $25 million from close to 35,000 wallets.

Moreover, the group orchestrated significant breaches such as the 2023 Ledger Connect Kit hack and the recent EigenLayer restake farming attack.

In the case of the restake farming attack, Angel Drainer utilized a deceptive “queueWithdrawal” function. Users unwittingly triggered this function, leading to the withdrawal of staking rewards to an address designated by the attackers, as elucidated by the security firm.

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I want to save money. Will cryptocurrency work?

Cryptocurrency is essentially virtual money that operates in a decentralized manner, not through a bank but directly on multiple independent computers.

Every cryptocurrency has two main components: the units of digital exchange called “coins” and the network within which the exchange takes place. These units can be transferred between wallets and exchanged on exchanges. The networks in which these coins exist are called blockchains, which translates to “chains of blocks.”

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