The notorious Pink Drainer developers have decided to retire following their involvement in a massive crypto theft amounting to over $75 million. This wallet draining service, responsible for attacking nearly 20,000 victims, has announced the shutdown of its operations.

In a Telegram announcement, the Pink Drainer creators stated, “We have achieved our objectives and are now proceeding with our planned retirement.” They further mentioned, “Following this announcement, we will commence the dismantling of all our infrastructure, ensuring the secure deletion of all stored data.”

Pink Drainer's Legacy

Pink Drainer has been linked to the theft of $75.64 million from 19,810 victims over the past year, as reported by ScamSniffer. Notably, the service was involved in a phishing email scam earlier this year, targeting creditors of bankrupt crypto firms and resulting in thefts exceeding $5 million.

Since its inception, Pink Drainer provided cybercriminals with a toolkit to exploit vulnerabilities and execute crypto thefts through social engineering and phishing tactics. The utilization of deceptive phishing websites enabled unauthorized transactions that emptied victims' wallets of cryptocurrencies and NFTs.

Furthermore, Pink Drainer was part of a broader network of phishing services, including Monkey Drainer and Inferno Drainer, where operators profited by charging fees and claiming a portion of the stolen assets.

Recent BlockTower Breach

In a separate incident, BlockTower, a prominent crypto hedge fund, fell victim to a significant security breach, resulting in the unauthorized transfer of a portion of its managed assets. While details remain scarce due to the sensitive nature of the breach, insiders have confirmed the incident. BlockTower, managing assets exceeding $1.7 billion, has initiated a forensic investigation to address the breach.

The hacker responsible for the BlockTower breach remains unidentified, and efforts to recover the stolen funds are ongoing. The hedge fund has engaged blockchain forensics experts to probe the incident and has informed key partners about the breach. Despite these developments, an official statement from BlockTower regarding the breach is pending.

Amidst a surge in crypto hacking incidents, the involvement of groups like the Lazarus Group from North Korea has raised concerns. These attackers often utilize crypto-mixing services such as Tornado Cash to obfuscate their activities. Recently, a scammer absconded with over $71 million in Wrapped Bitcoin (WBTC) before returning the funds shortly after.