Phishing scammers who use crypto drainers are now shifting their tactics, opting to avoid centralized exchanges and instead funnel stolen funds into swap protocols and bridges.
According to data from Chainalysis, a significant change has been observed in the strategy of cybercriminals operating drainers. In 2023, approximately 75% of stolen funds are being directed towards decentralized finance (defi) protocols, a stark contrast to 2020 when over 90% of funds ended up in centralized exchanges.
Chainalysis analysts have also noted that some drainers are beginning to use gambling services, albeit on a smaller scale. The firm’s findings reveal a shift in the flow of funds stolen by crypto drainers towards defi protocols, marking a notable change in the landscape of cybercrime.
Furthermore, Chainalysis has reported that the quarterly growth rate of value stolen by drainers has surpassed that of ransomware attacks, which were previously known for their rapid increase in value. The true extent of phishing activity remains uncertain, as many crypto drainer scams go unreported, making it difficult to track the total amounts stolen.
In a related development, ransomware payments have decreased by 46% in 2023 as the market becomes saturated and entry barriers lower. Chainalysis attributes this decline to improved cyber resilience among organizations, who are now better equipped to combat the threats posed by cybercriminals.
The recent exit scam by the ransomware gang BlackCat, which left affiliates with millions in Bitcoin, serves as a reminder of the evolving landscape of cybercrime and the importance of staying vigilant in the face of emerging threats.