$12.5B
FTC-reported fraud losses in 2024
FTC says consumers reported losing $12.5 billion to fraud in 2024.
crypto wallet drainer scam
Malicious smart contracts or phishing sites trick users into signing a transaction that grants the attacker unlimited permission to transfer tokens from their wallet.
“bitcoin scam”
↑ 72%Key indicators
Usually targetsCrypto investors
Often hitsFreelancers and contractors
Common regionGlobal
Last updated2026-04-04
Estimated impact
$6.8K
median reported loss
Typical range$360 – $270K
Recovery rate~3%
Annual reports69,461
Scam breakdown
1
Attackers create phishing websites mimicking popular DeFi platforms, NFT mints, or airdrop claim pages
2
When users connect their wallet and sign a transaction, they unknowingly grant a malicious contract permission to transfer all tokens
3
The drainer contract immediately transfers all valuable tokens and NFTs from the victim's wallet to the attacker
What to do first
Always review transaction details carefully in your wallet before signing — revoke approvals regularly using tools like Revoke.cash
Related terms
approval exploitwallet drain attackpermit signature scamCryptocurrency scamsWebsiteStableCrypto investorsDeFi usersNFT collectorsFreelancers and contractorsTech workers and developersInvestors and tradersGlobalapproval exploitwallet drain attack
Real-world example
How this scam plays out in practice
Based on reported patterns. Names and details are illustrative.
The setup
Megan, 32, a crypto investors, encountered what appeared to be a legitimate cryptocurrency scams situation while using Website. Attackers create phishing websites mimicking popular DeFi platforms, NFT mints, or airdrop claim pages
Step 2
What happened next was calculated: When users connect their wallet and sign a transaction, they unknowingly grant a malicious contract permission to transfer all tokens
Step 3
The pressure escalated quickly: The drainer contract immediately transfers all valuable tokens and NFTs from the victim's wallet to the attacker
The outcome
Megan realized something was wrong when website asks you to connect your wallet to claim a reward, airdrop, or free nft mint. By that point, significant damage had already been done — money sent, personal information shared, or trust exploited.
The lesson
Always review transaction details carefully in your wallet before signing — revoke approvals regularly using tools like Revoke.cash Megan's experience shows why website asks you to connect your wallet to claim a reward, airdrop, or free nft mint and transaction approval requests unlimited token spending permission are the clearest early warning signs.
How to identify it
- Website asks you to connect your wallet to claim a reward, airdrop, or free NFT mint
- Transaction approval requests unlimited token spending permission
- Pop-up prompts you to sign a message that includes unfamiliar contract interactions
- Pause before paying, clicking, or sharing information. Scammers rely on speed.
- Verify the sender, company, or agency using a phone number or website you already know is legitimate.
- Treat secrecy, urgency, and off-platform payment requests as strong scam signals.
What to do now
- ✓Always review transaction details carefully in your wallet before signing — revoke approvals regularly using tools like Revoke.cash
- ✓Never connect your wallet to unfamiliar sites — use a separate wallet with limited funds for interacting with new dApps
- ✓Bookmark official project sites and access them directly rather than clicking links from social media or DMs
What to save before reporting
- ✓Save the message, profile, phone number, email, or URL that was used.
- ✓Keep payment confirmations, receipts, and account alerts before you dispute or delete anything.
- ✓Write down the timeline while the details are still fresh.
How big is this problem
You are not alone — this scam affects millions of people.
These numbers come from government agencies and official reports. If you have been affected, know that this is a widespread problem — not something that only happens to careless people.
FTC 2024 fraud losses
Imposters
Most common FTC fraud category in 2024
FTC says imposter scams remained the most commonly reported fraud category in 2024.
History and evolution
- This scam family tends to persist because the social-engineering pressure works even when the exact scripts, platforms, and payment methods change.
- The specific packaging evolves over time, but the core pattern usually stays the same: create urgency, control the channel, and push action before verification.
- Scam Sniffer reported that wallet drainers stole over 295 million USD from approximately 324,000 victims in 2023 alone
Recovery and follow-up
- ✓Save the messages, receipts, account alerts, and transaction details before you block or delete anything.
- ✓Report the scam through the official platform or government channel that best matches where it happened.
- ✓Always review transaction details carefully in your wallet before signing — revoke approvals regularly using tools like Revoke.cash
- ✓Never connect your wallet to unfamiliar sites — use a separate wallet with limited funds for interacting with new dApps
- ✓Bookmark official project sites and access them directly rather than clicking links from social media or DMs
Why this pattern keeps working
Even when the story changes, most scams still use the same pressure pattern: urgency, authority, and a request to move money or data fast.
Scam Sniffer reported that wallet drainers stole over 295 million USD from approximately 324,000 victims in 2023 alone
OpenScam research
Where to report it
If you have been targeted by this scam, reporting it helps authorities track the pattern and protect others. Global has dedicated agencies that handle fraud reports.
Report cross-border scams
econsumer.gov (ICPEN)
International Consumer Protection and Enforcement Network portal for reporting cross-border online scams. Reports are shared with consumer protection agencies in 40+ countries.
Interpol financial crime guidance
Interpol
International policing guidance on online financial fraud, romance scams, and investment fraud operating across borders.
Report phishing emails
Anti-Phishing Working Group
Global industry coalition for reporting phishing emails and URLs. Forward phishing to [email protected].
Explore further
Understand the bigger picture
Who is most at risk
Who this scam targets
Primary targets
Crypto investors, DeFi users, NFT collectors
Geographic concentration
Global
Primary channel
Website — Cryptocurrency scams
Why this group is vulnerable
Crypto investors are particularly vulnerable because this scam exploits trust in familiar brands, authority figures, and time-sensitive decisions. The ongoing nature of reports suggests that awareness among this demographic remains low.
Sources and methodology
How we verify this information
OpenScam tracks scam patterns using a combination of government consumer protection databases (FTC, IC3, Action Fraud), platform-specific fraud reports, and verified consumer complaint data. Each entry is cross-referenced against at least two independent sources before publication.
Severity ratings are based on financial impact potential, reversibility of damage, and volume of reports across multiple reporting channels. Trend velocity reflects the rate of change in report volume over the most recent 90-day window.
This page was last verified on 2026-04-04. Red flags, recovery steps, and reporting resources are reviewed quarterly against current agency guidance.
Evidence and indicators
- Scam Sniffer reported that wallet drainers stole over 295 million USD from approximately 324,000 victims in 2023 alone
Source notes
- OpenScam research
Frequently asked questions
Common questions about crypto wallet drainer scam
How does the crypto wallet drainer scam work?+
Attackers create phishing websites mimicking popular DeFi platforms, NFT mints, or airdrop claim pages When users connect their wallet and sign a transaction, they unknowingly grant a malicious contract permission to transfer all tokens The drainer contract immediately transfers all valuable tokens and NFTs from the victim's wallet to the attacker
What are the warning signs of crypto wallet drainer scam?+
Website asks you to connect your wallet to claim a reward, airdrop, or free NFT mint Transaction approval requests unlimited token spending permission Pop-up prompts you to sign a message that includes unfamiliar contract interactions
What should I do if I encounter crypto wallet drainer scam?+
Always review transaction details carefully in your wallet before signing — revoke approvals regularly using tools like Revoke.cash Never connect your wallet to unfamiliar sites — use a separate wallet with limited funds for interacting with new dApps Bookmark official project sites and access them directly rather than clicking links from social media or DMs
Who is most at risk for crypto wallet drainer scam?+
This scam primarily targets Crypto investors, DeFi users, NFT collectors. It is most commonly reported in Global and typically appears on Website.
Is crypto wallet drainer scam still active?+
crypto wallet drainer scam is currently on our watch list. It has been reported across US, UK, AU, CA. Last updated 2026-04-04.
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Help someone avoid this scam.
Scammers succeed because people do not talk about it. If you or someone you know has been affected, there is no shame in it — it happens to millions of people every year. Share this page with friends and family so they know what to look for.
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