Singapore Police Recommend Use of Hardware Wallets
Singapore authorities have issued a warning to citizens concerning the increasing usage of cryptocurrency drainers, also known as wallet drainers, to steal funds from investors across the ecosystem.
The Singapore Police Force (SPF) and the Cyber Security Agency of Singapore (CSA) have jointly released an advisory to raise awareness about these cyber attacks, which involve malware specifically designed to target cryptocurrency wallets.
These phishing attacks use crypto drainers to illegally extract funds from users’ wallets without their knowledge or authorization.
The authorities expressed concern about the availability of commercial crypto draining kits, which make it easier for inexperienced cybercriminals to access sophisticated malware without any upfront costs.
These attackers often use a “drainer-as-a-service” model, where they split a portion of the stolen funds with the service provider.
