With the recent success of Solana, scammers and hackers are attempting to take advantage of its thriving memecoin scene.

After its remarkable rally in December, Solana has become a promising contender among top tokens. However, it is now facing a constant threat from scammers and hackers who are seeking to exploit its expanding user base. Over the last month, these malicious actors have managed to siphon off millions from unsuspecting users, highlighting a worrisome trend for the network.

Multiple Phishing Scams on Solana Exposed by Scam Sniffer

Scam Sniffer, a Blockchain security firm, raised concerns about a recent increase in phishing scams that have used wallet drainers to steal over $4 million from more than 4000 Solana wallets in the last month. The alarming surge has left unsuspecting users vulnerable to fraudulent activities.

On December 16, 2023, Scam Sniffer discovered the Rainbow Drainer exploit when investigating an airdrop phishing incident. In this attack, hackers disguised their malicious intentions by posing as an NFT airdrop, tricking victims into unknowingly signing a seemingly harmless contract. Unbeknownst to the victims, the innocuous-looking contract provided hackers with the ability to siphon more than $2 million from 2,000 users. Shortly after, Scam Sniffer identified another wallet drainer on Solana called Node Drainer.

This malicious program stayed active even during the Christmas holidays and successfully pilfered over $2 million from 2,000 users within a span of just two weeks. According to Scam Sniffer's report, an astonishing $1 million worth of BONK tokens, along with various other memecoins, were stolen in these incidents.

Based on their findings, Scam Sniffer concluded that the hackers primarily focus on BONK holders, taking advantage of the cryptocurrency's recent surge in popularity.

What is particularly concerning is that these scammers, armed with a fresh phishing playbook, persist with their campaigns as there is currently no Solana ecosystem blocklist in place to prevent the display of such NFTs. Moreover, they have already shifted their focus to a new phishing campaign dubbed MEMEDROP.