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‘Scam as a Service’ Provider Monkey Drainer Closes Up Shop

2 mins
Updated by Kyle Baird
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In Brief

  • Monkey Drainer is shutting down permanently.
  • The criminal service gained notoriety last year after some high-profile thefts.
  • The scammer was involved in a 700+ ETH scam in October 2022.
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Notorious NFT and cryptocurrency scammer Monkey Drainer is shutting down its phishing smart contract ‘scam as a service’ offerings. The service has been popular among cybercriminals, taking a 30% cut for the services.

Monkey Drainer, a service that is often described as a “scam as a service,” is set to shut down its service. Crypto security firm PeckShield tweeted on March 1 that the scammer would shut down the service, with 200 ETH (roughly $330,000) transferred to Tornado Cash in the last 24 hours. The drainer still has 840 ETH, worth about $1.4 million, in its wallet.

Monkey Drainer Final Message: PeckShield
Monkey Drainer Final Message: PeckShield

PeckShield also posted an image of a message from Monkey Drainer, which stated the scammer would shut down immediately. The message from the latter even went so far as to say that it was an “experience to serve other cybercriminals.”

Monkey Drainer will destroy all files, servers, and devices related to it and “will not return.” The message’s general sentiment was one of boldness and a lack of remorse.

The shutdown may have resulted from the increased forensic scrutiny the market has experienced recently. Authorities have paid more attention to cybercrime involving crypto, especially given that the likes of the Lazarus Group have made the crypto market a primary target.

Who Is Monkey Drainer?

Monkey Drainer is notorious in the crypto space, having helped bad actors drain over $24 million, operating several scams via Twitter. Phishing is a tactic that is commonly used. The service has operated since 2022 and caught the attention of security researchers not long after it launched.

Monkey Drainer would keep a 30% cut of the stolen money. The methods have unfortunately inspired copycats, many of whom explicitly state that Monkey was responsible for inspiring them to take up the same line of work.

Orchestrating Major Thefts

The Monkey Drainer saga has entertained the crypto community for a while now. In January 2023, CertiK stated that it uncovered the identities of two scammers behind the moniker. The scammer could have a residence in Russia if the deductions of CertiK are correct.

Late October was particularly fruitful for the con artist, with the contract stealing over 700 ETH in 24 hours. The stolen assets include a Bored Ape Yacht Club NFT, stablecoins, and other NFTs.

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Rahul Nambiampurath
Rahul Nambiampurath's cryptocurrency journey first began in 2014 when he stumbled upon Satoshi's Bitcoin whitepaper. With a bachelor's degree in Commerce and an MBA in Finance from Sikkim Manipal University, he was among the few that first recognized the sheer untapped potential of decentralized technologies. Since then, he has helped DeFi platforms like Balancer and Sidus Heroes — a web3 metaverse — as well as CEXs like Bitso (Mexico's biggest) and Overbit to reach new heights with his...
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