Vanilla Drainer Scam Siphons $5.27M in Three Weeks
Vanilla Drainer is a new crypto scam service that has siphoned over $5.27 million in cryptocurrency within three weeks. Launched publicly in December 2024, the drainer software uses phishing tactics to bypass anti-fraud checks like Blockaid and takes a 15–20% cut of stolen assets.
Major incidents include a $3.09 million stablecoin heist on August 5 and a $1.23 million loss in July, with proceeds converted to ETH and DAI and funneled into a fee wallet holding $2.23 million.
The scam evades tracking by rotating domains and deploying fresh smart contracts. Despite an overall decline in scam outflows this year, phishing attacks rose 153% in July to $7.09 million.
This crypto scam underscores the need for robust blockchain security. Traders should use hardware wallets and multi-factor authentication to reduce phishing risks.
Neutral
The uncovering of Vanilla Drainer highlights growing phishing threats but is unlikely to impact cryptocurrency prices directly. In the short term, traders may tighten security protocols, leading to cautious sentiment around DeFi and stablecoin platforms. Over the long term, improved anti-phishing measures and increased awareness should stabilize market confidence. Overall, the scam’s focus on security flaws has a neutral effect on ETH and DAI prices, as it does not alter fundamentals or supply.