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Cryptocurrency Users Beware: Etherscan Ads May Drain Your Wallet


Recently, a user on X (formerly known as Twitter) raised a red flag about the presence of potentially malicious phishing scam ads. These ads were found on Etherscan, a widely used blockchain explorer.

McBiblets cautioned that certain advertisements appearing on Etherscan could be designed to steal digital assets from unsuspecting wallets.

The Etherscan Scammer Holds Nearly $300,000 in Their Wallet

Web3 security platform Scam Sniffer swiftly responded to the warning and launched an investigation. Shortly after that, Scam Sniffer confirmed the presence of a new scam through their official X account.

“Etherscan aggregates ads from platforms like Coinzilla & Persona, where insufficient filtering could lead to exposure to phishing attempts,” Scam Sniffer explained.

Renowned on-chain detective ZachXBT delved further. He disclosed that the phishing on Etherscan is linked to a draining service. Furthermore, ZachXBT revealed that the draining service had phished a six-figure sum from a victim.

ZachXBT also shared the address of the theft. When BeInCrypto tried to look up the on-chain data of the wallet flagged by ZachXBT, we found that it holds 87.08 Ethereum (ETH).

The Phishing Scammer's Wallet Address and Balance.
The Phishing Scammer’s Wallet Address and Balance. Source: Etherscan

The issue of phishing scams is familiar to the digital asset space. It remains an effective tactic that frequently targets the cryptocurrency and DeFi sectors. In a prior report, Scam Sniffer highlighted that Wallet Drainers, a specific type of malware targeting cryptocurrency holders, had amassed nearly $295 million in assets from about 324,000 victims.

On March 11, 2023, a phishing scam exploited fluctuations in USDC exchange rates and stole nearly $7 million. Victims were tricked by phishing websites masquerading as the trusted Circle platform. Significant thefts also occurred near March 24 when hackers compromised Arbitrum’s Discord, coinciding with the proximity of Arbitrum’s airdrop activity.

Scam Sniffer highlights that Inferno Drainer is the most notorious of these malware programs. It has amassed over $81 million in stolen funds from 134,000 victims since March 2023. The report mentioned that phishing scams disguised as airdrops, organic traffic, paid advertisements, or hijacked Discord links are particularly insidious due to their difficulty in detection.

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Conclusion

In conclusion, the presence of phishing scam ads on Etherscan, a popular blockchain explorer, has been identified as a potential threat to users’ digital assets. The warning raised by McBiblets on X drew attention to the issue, prompting investigations by security platforms like Scam Sniffer. The specific scam linked to a draining service has resulted in significant funds being stolen from unsuspecting victims. This incident underscores the ongoing risk of phishing scams in the digital asset space, particularly targeting cryptocurrency and DeFi sectors. It is crucial for users to remain vigilant and take necessary precautions to protect their assets from such malicious activities.

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