Vanilla Drainer Siphoned $5.27M in Just Three Weeks: Inside the Latest Crypto Phishing Scam

Blockchain security researchers at Darkbit have exposed a sophisticated fraudulent operation known as Vanilla Drainer, which managed to steal over $5.27 million in cryptocurrency during a remarkably short three-week window. What makes this case particularly alarming is the mechanism behind the theft—the operation functioned as a service provider for scammers, supplying phishing infrastructure and pocketing a substantial 15%-20% commission from each successful attack.

How Vanilla Drainer Operated

The fraudulent service has been active since October 2024, distinguishing itself by boasting an ability to circumvent Blockaid, a major security detection platform. This capability allowed the drainer to remain undetected across multiple malicious websites. The scheme’s operational model relied on deploying unique smart contracts for each phishing site, coupled with frequent domain name rotations to evade blockchain tracking and law enforcement.

Once victims fell for the phishing lures, their stolen assets were systematically converted into either Ethereum (ETH) or DAI—a stablecoin notorious for its resistance to freezing—before being consolidated into a dedicated fee aggregation wallet.

The Numbers Behind the Theft

The statistics paint a sobering picture of the drainer’s effectiveness. The single largest heist occurred on August 5th, when victims collectively lost $3.09 million in stablecoins. From this single transaction alone, the operator netted $463,000 in profits.

The accumulated proceeds now held within the primary fee wallet represent approximately $2.23 million in token value, serving as a stark reminder of the scale at which these operations can accumulate stolen funds. This concentration of ill-gotten assets underscores why drainer services have become such a critical concern within the cryptocurrency security landscape.

What This Means for Users

The Vanilla Drainer case illustrates how scammers continue to refine their craft, leveraging specialized services to maximize theft while minimizing exposure. For the broader crypto community, it reinforces the importance of remaining vigilant against phishing attempts and understanding that sophisticated actors are constantly developing new techniques to bypass security measures.