Singapore police recommend hardware wallets against crypto drainers

The authorities raised concerns about ‘commercial’ crypto draining kits, which allow novice cybercriminals to arm up with sophisticated malware at no upfront costs.

Singapore 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 trying 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 stolen funds are often siphoned out using services that deter traceability, such as cryptocurrency mixers, and heavily reduce chances for recovery. 

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