Singapore police recommend hardware wallets against crypto drainers
ingapore authorities issued a cybersecurity warning to citizens after taking notice of the rising use of cryptocurrency drainers or wallet drainers for stealing funds from investors across the ecosystem.
The Singapore Police Force (SPF) and the Cyber Security Agency of Singapore (CSA) issued a joint advisory to raise awareness against cyberattacks involving crypto drainers, a type of malware that targets crypto wallets. Phishing attacks make use of crypto drainers to extract funds from users’ wallets without authorization.
The authorities raised concerns about commercial crypto draining kits, which allow novice cybercriminals to arm up with sophisticated malware at no upfront costs. Instead, attackers using the drainer-as-a-service (DaaS) model will split a pre-determined percentage of the loot with the service provider.
