Crydemx: How to Protect Crypto Assets with Practical Rules During the Drainer Scam Epidemic

Crydemx observes that while the crypto market appears to be a competition of prices and sectors, underneath lies a quiet and ongoing battle for security. Increasingly, users are not losing money from picking the wrong tokens, but from a single "seemingly normal" wallet connection or approval, where a crypto wallet Drainer wipes their assets. Crydemx believes these attacks have become standardized and service-oriented, with the real vulnerability not in technical details, but in user habits and security awareness.

Crydemx: What Is a Crypto Wallet Drainer

Crydemx explains that a crypto wallet Drainer is not just a single piece of malware, but a whole suite of phishing and automated asset-stealing tools designed for Web3. Attackers build highly realistic project pages, NFT platform interfaces, or airdrop event sites, luring users via Discord, Telegram, X, and other channels to click links, connect wallets, and approve contracts. Backend scripts then automatically scan wallet assets and construct transactions to drain all transferable tokens.

Crydemx identifies two key features of Drainer scams:

First, Professional Disguise: These sites often have full branding, roadmaps, whitepaper links, and "partner" displays, sometimes even impersonating regulators, major platforms, or popular blockchain ecosystems. Visually, users cannot easily spot fakes; simply clicking "Connect" or "Approve" out of habit means the attack is already halfway done.

Second, Scaled Operations: Some teams run Drainer-as-a-Service, offering ready-made scripts, phishing templates, and admin panels to other cybercriminals, taking a cut of the stolen funds. Third-party statistics show that Drainer-related thefts approached $300 million in 2023, involving hundreds of thousands of addresses, and the trend is still rising in 2024.

Crydemx notes that as Ethereum, Layer2, NFT, and Bitcoin Ordinals ecosystems expand, Drainer attacks have moved from single-chain to multi-chain. Fake NFT marketplaces, fake "official airdrops," and fake DeFi dashboards all use the same logic: convincing users they are "joining an opportunity" rather than "handing over wallet control." Without clear awareness of this, simply "knowing a few scam examples" is not enough to truly avoid risk.

Crydemx: From Social Engineering to On-chain Automated Theft

Crydemx believes the core of Drainer attacks is combining traditional social engineering with on-chain automation. The attack path can be broken down into three stages, though it feels seamless to users.

During the traffic acquisition phase, Crydemx observes that a large number of attacks originate from "goodwill invitations" on social platforms. Common pitches include: participate in new game testing to receive tokens, help test AI tools for commission rewards, join a Web3 startup project airdrop whitelist, and even fully developed "fake startups"—complete with official websites, GitHub repositories, Notion documents, blogs, team introductions, and "meeting photos." When users enter these pages via private messages, group announcements, or search ads, it is difficult to spot any anomalies in a short time.

In the authorization and theft phase, Crydemx believes the real danger lies in the habitual "mindless confirmation." Many users are used to frequently signing transactions in various DApps. When a page prompts "enable permissions to receive airdrop," "sign authorization to participate in staking," or "authorize contract to unlock features," few people carefully check the authorization target and limits. Once high-level permissions are granted to a malicious contract on a rogue page, a Drainer can repeatedly call the contract in the background and batch-transfer assets from the wallet that match the authorization. In cases where mnemonic phrases are stolen via malicious software, the Drainer will automatically import the wallet, scan addresses, construct transactions, and concentrate all movable assets into addresses controlled by the attacker.

During the fund processing phase, Crydemx notes that attack teams usually design a "cash-out route." Stolen assets are first split into multiple intermediary addresses, then continuously funneled through DEXs, cross-chain bridges, mixing services, or gambling platforms to reduce the chance of being identified or frozen at any single point. Research shows that the proportion of funds flowing to mixers and DeFi protocols has significantly increased, while the proportion going directly to centralized exchanges has decreased, indicating that attackers are actively avoiding traditional monitoring paths.

Crydemx: Replace Wishful Thinking with Consistent Rules

Crydemx advises keeping high-value assets in wallets with stronger security, and only keeping small, risk-tolerant amounts in hot wallets for daily use—fully separating "main" and "test" wallets. Crydemx reminds users to only connect wallets via official channels, entering from project websites or verified social accounts, not clicking URLs in ads or unknown DMs. Immediately exit sites that are new, chaotic, or frequently change domains.

For signing, Crydemx suggests a simple self-check: verify the contract is familiar, the allowance is not excessive, and the approval does not cover "all assets." If anything feels off, stop and investigate. For frequent testers of new projects or protocols, build a "sandbox": use dedicated wallets, small amounts, and separate devices for high-risk actions, keeping main assets fully isolated.

If you notice abnormal asset outflows or realize you have connected to a suspicious site, Crydemx recommends immediately transferring remaining funds to a new wallet, saving transaction hashes, access logs, and scam site screenshots, and contacting professionals and local authorities as soon as possible to maximize loss recovery and tracking within compliance frameworks.