History of Increase Allowance and Its Abuse in Phishing Attacks

Table of Contents
In recent times, the cryptocurrency landscape has been marred by an escalating menace – phishing attacks and the emergence of crypto drainers. These nefarious schemes not only jeopardize the security of digital assets but also undermine trust within the community. Understanding the modus operandi of these threats and adopting robust security measures is paramount to safeguarding one's investments in the crypto realm.

I. Phishing Attacks and Crypto Drainers:

The proliferation of digital assets and the decentralized nature of blockchain technology have ushered in a new era of financial innovation. However, alongside the opportunities presented by cryptocurrencies, a dark underbelly of cyber threats exists, with phishing attacks and crypto drainers at the forefront.
phishing example by Oded Vanunu, Dikla Barda, Roman Zaikin from research.checkpoint.com
Cryptocurrency holders are increasingly becoming targets of phishing attacks, which leverage social engineering tactics to deceive users into disclosing sensitive information or unwittingly transferring their funds to malicious actors. These attacks often manifest in the form of fraudulent emails, social media messages, or websites masquerading as legitimate platforms. Unsuspecting users, enticed by promises of free tokens or lucrative investment opportunities, fall prey to these deceptive schemes, resulting in significant financial losses and compromised security.
At the heart of many phishing attacks lies the insidious phenomenon of crypto drainers. These specialized tools, also known as cryptocurrency stealers, are meticulously crafted to facilitate cyber theft by draining funds from digital wallets. Operating primarily through phishing scams, crypto drainers exploit vulnerabilities in users' trust and knowledge, leveraging sophisticated techniques to siphon off cryptocurrency without their consent.
The symbiotic relationship between phishing attacks and crypto drainers underscores the multifaceted nature of the threat facing cryptocurrency holders. As attackers continue to refine their tactics and target a broader range of blockchain networks, the need for heightened awareness and robust security measures becomes increasingly paramount.
In this context, understanding the modus operandi of phishing attacks and crypto drainers is essential for cryptocurrency users to safeguard their assets effectively. By staying informed about the evolving threat landscape and adopting proactive security strategies, users can mitigate the risks posed by these pervasive cyber threats and uphold the integrity of the cryptocurrency ecosystem.

II. The Angel Drainer Group: :

Within the intricate web of cybercrime, the Angel Drainer group emerges as a formidable adversary, orchestrating sophisticated campaigns to exploit vulnerabilities in the cryptocurrency landscape. This clandestine syndicate, with its nefarious activities, poses a significant threat to the security and integrity of digital assets worldwide.
The modus operandi of the Angel Drainer group is characterized by a strategic blend of deception, technical prowess, and ruthless efficiency. Leveraging advanced phishing techniques, the group targets a diverse array of cryptocurrency holders, from novice investors to seasoned traders, with the aim of surreptitiously draining their wallets of valuable assets.
Unlike conventional cybercriminal organizations, the Angel Drainer group operates with surgical precision, meticulously planning and executing its attacks to maximize financial gain while evading detection. Through meticulous reconnaissance and social engineering, the group identifies and exploits vulnerabilities in users' security practices, often exploiting trust in reputable platforms or exploiting weaknesses in smart contract interactions.
The impact of the Angel Drainer group's activities reverberates across the cryptocurrency community, leaving a trail of financial devastation and shattered trust in its wake. With each successful attack, the group not only enriches itself at the expense of unsuspecting victims but also undermines confidence in the integrity of decentralized finance systems.
Comparisons with other similar groups reveal the scale and sophistication of the threat posed by the Angel Drainer group. While some cybercriminal syndicates may focus on conventional phishing tactics or brute-force attacks, the Angel Drainer group stands out for its innovative approaches and relentless pursuit of financial gain.
As the cryptocurrency landscape continues to evolve, the emergence of groups like the Angel Drainer underscores the urgent need for enhanced security measures and collective vigilance within the community. By shining a light on the activities of such threat actors and empowering users with knowledge and tools to protect themselves, we can fortify the defenses of the cryptocurrency ecosystem and preserve the integrity of digital assets for generations to come.
Drainer tool example by Oded Vanunu, Dikla Barda, Roman Zaikin from research.checkpoint.com

III. Tactics Used in Phishing Attacks:

Phishing attacks represent a multifaceted threat, employing a diverse array of tactics to deceive and manipulate cryptocurrency users. Understanding these tactics is paramount for users to recognize and mitigate the risks posed by phishing scams effectively.

1. Fake Campaigns and Airdrops:

Phishing attacks often masquerade as legitimate campaigns or airdrops, enticing users with promises of free tokens or exclusive rewards. These campaigns are typically promoted through email, social media, or messaging platforms, leveraging persuasive language and enticing visuals to lure unsuspecting victims into disclosing sensitive information or interacting with malicious websites.

2. Deceptive Websites:

One of the hallmarks of phishing attacks is the creation of counterfeit websites that mimic legitimate cryptocurrency platforms or services. These websites are meticulously designed to imitate the appearance and functionality of their genuine counterparts, often featuring convincing logos, branding, and user interfaces. Unsuspecting users, deceived by the apparent authenticity of these websites, may unwittingly enter their login credentials or provide access to their digital wallets, thereby falling prey to the phishing scam.

3. Smart Contract Exploitation:

In addition to traditional phishing tactics, some sophisticated attacks leverage vulnerabilities in smart contracts to perpetrate fraud. By exploiting flaws in the code or manipulating the functionality of decentralized applications (dApps), attackers can deceive users into unwittingly approving transactions or transferring funds to malicious actors. These attacks are particularly insidious, as they exploit the inherent trust and transparency of blockchain technology to deceive users and circumvent traditional security measures.

4. Social Engineering:

At the heart of many phishing attacks lies the art of social engineering, whereby attackers manipulate human psychology to deceive and manipulate their victims. Through carefully crafted messages, impersonation tactics, and psychological triggers, attackers exploit users' trust, curiosity, and fear to coerce them into divulging sensitive information or performing actions that compromise their security. From impersonating trusted contacts to creating a sense of urgency or scarcity, social engineering tactics are designed to exploit the inherent vulnerabilities of human nature.
By familiarizing themselves with these tactics and remaining vigilant against potential threats, cryptocurrency users can mitigate the risks posed by phishing attacks and protect their digital assets from falling into the hands of malicious actors. Through a combination of awareness, education, and proactive security measures, users can safeguard their financial well-being and contribute to the overall security and integrity of the cryptocurrency ecosystem.

IV. Understanding Phishing Attack Techniques:

A deeper comprehension of the techniques employed in phishing attacks is essential for deciphering the intricacies of these malicious schemes and devising effective countermeasures to mitigate their impact. By dissecting specific transactions and events associated with phishing attacks, we can unravel the inner workings of these nefarious activities and shed light on the mechanisms through which attackers exploit vulnerabilities in the cryptocurrency ecosystem.

1. Transaction Analysis:

At the core of many phishing attacks lies a series of transactions orchestrated with meticulous precision to siphon funds from unsuspecting victims' wallets. By analyzing the transaction logs associated with these attacks, we can discern patterns, identify anomalies, and trace the flow of funds through the blockchain. This granular analysis provides invaluable insights into the modus operandi of attackers and their tactics for obfuscating their tracks.

2. Smart Contract Examination:

Central to many phishing attacks is the exploitation of vulnerabilities in smart contracts, decentralized applications (dApps), and blockchain protocols. By scrutinizing the code and functionality of these smart contracts, we can uncover the specific functions and methods used by attackers to manipulate the blockchain and deceive users. This forensic examination enables us to identify vulnerabilities, assess their impact, and develop strategies for mitigating their exploitation.

3. Function Call Analysis:

Phishing attacks often involve the execution of specific functions within smart contracts to facilitate unauthorized transactions or access to users' digital assets. By analyzing the data associated with these function calls, including parameters, signatures, and execution paths, we can gain insights into the precise actions taken by attackers and their implications for victims' security. This forensic analysis allows us to reconstruct the sequence of events in a phishing attack and identify points of vulnerability in the blockchain ecosystem.

4. Behavioral Profiling:

In addition to technical analysis, understanding the behavioral patterns and tactics employed by attackers is crucial for anticipating and mitigating phishing attacks. By profiling the strategies, preferences, and motivations of threat actors, we can anticipate their next moves, preemptively detect potential threats, and deploy proactive security measures to safeguard users' digital assets. This behavioral analysis enables us to stay one step ahead of attackers and fortify the defenses of the cryptocurrency ecosystem.
By delving into the nuances of phishing attack techniques and leveraging advanced analytical tools and methodologies, we can enhance our understanding of the evolving threat landscape and develop effective strategies for combating cybercrime. Through collaboration, innovation, and collective vigilance, we can mitigate the risks posed by phishing attacks and uphold the security and integrity of the cryptocurrency ecosystem for the benefit of all stakeholders.

V. Safeguarding Against Phishing Scams:

As the threat of phishing scams continues to loom large in the cryptocurrency landscape, it is imperative for users to arm themselves with knowledge and adopt proactive measures to protect their digital assets. By implementing robust security practices and exercising vigilance, users can mitigate the risks posed by phishing attacks and safeguard their financial well-being.

1. Skepticism and Due Diligence:

Users should approach any unsolicited emails, messages, or social media posts with a healthy dose of skepticism. Be wary of offers that seem too good to be true, such as free token giveaways or investment opportunities promising guaranteed returns. Before engaging with any offers or links, conduct thorough research to verify the legitimacy of the source and ensure that it is not a phishing scam.

2. Transaction Approval Awareness:

Understanding the implications of approving transactions or signing messages in cryptocurrency wallets is paramount for protecting against phishing attacks. Users should exercise caution when prompted to approve transactions or provide access to their wallets, especially in response to unsolicited requests or suspicious links. Take the time to verify the authenticity of the transaction and ensure that it aligns with your intentions before proceeding.

3. Smart Contract Verification:

Before interacting with any smart contracts or decentralized applications (dApps), users should conduct due diligence to verify their legitimacy and security. Scrutinize the code, functionality, and reputation of the smart contract or dApp to ensure that it is not vulnerable to exploitation by malicious actors. Additionally, rely on reputable sources and community feedback to assess the trustworthiness of the platform before engaging with it.

4. Limit Transaction Allowances:

To mitigate the risks associated with phishing attacks, users should consider limiting the transaction allowances granted to third-party applications or smart contracts. Regularly review and revoke permissions granted to external entities, especially those with elevated privileges or access to sensitive functions. By minimizing exposure and restricting access, users can reduce the likelihood of unauthorized transactions and protect their digital assets from exploitation.

5. Hardware Wallet Utilization:

For enhanced security and protection against phishing attacks, consider using hardware wallets to store and manage cryptocurrency holdings. Hardware wallets provide an additional layer of security by isolating private keys from potential threats, such as phishing websites or malware-infected devices. By storing assets offline and requiring physical confirmation for transactions, hardware wallets offer peace of mind and resilience against cyber threats.


In conclusion, safeguarding against phishing scams requires a multifaceted approach that combines awareness, vigilance, and proactive security measures. By remaining skeptical of unsolicited offers, exercising caution when approving transactions, and verifying the legitimacy of smart contracts, users can mitigate the risks posed by phishing attacks and protect their digital assets from exploitation. Through collective efforts and continuous education, we can fortify the defenses of the cryptocurrency ecosystem and uphold the security and integrity of digital assets for generations to come.

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