Monkey Drainer, the ‘scam as a service’ provider, is shutting down shop. The criminal enterprise gained notoriety last year after its involvement in some high-profile thefts, the most notable of which was a 700+ ETH scam in October 2022.

The scam was orchestrated by Monkey Drainer and involved depositing large amounts of ETH into the wallets of unsuspecting victims. Once the money was in their wallets, it was quickly withdrawn and transferred to the scammers’ wallets.

Monkey Drainer Ceases’ Scam as a Service’: $1.4 Million in Crypto at Stake

Meanwhile, a tweet from crypto security firm PeckShield revealed that the service, which has been popular among cybercriminals, usually takes a 30% cut for its services. Over the past 24 hours, 200 ETH (approximately $330,000) were sent to Tornado Cash, while the Drainer still has a wallet containing 840 ETH, equivalent to $1.4 million.

PeckShield shared an image of a statement from Monkey Drainer announcing their immediate closure and mentioning their “experience in serving other cyber criminals.” The message said that all files, servers, and devices associated with it would be destroyed and that “the site would not be coming back up.”

The closure could result from the heightened forensic examination that the market has experienced lately. Law enforcement has intensified its focus on digital criminal activities involving cryptocurrency since groups like the Lazarus Group have made the crypto space a key objective.

Notorious Monkey Drainer Responsible for $24 Million in Crypto Fraud Losses

Monkey Drainer has established a notorious reputation within the cryptocurrency industry. It was responsible for losing an estimated $24 million after implementing many fraudulent activities through Twitter accounts.

Phishing is an often-used approach for such operations. The platform, operative since 2022, quickly garnered attention from concerned security specialists after its launch.

Sadly, the platform’s operational mode has led to imitators, with many of them explicitly indicating that Monkey Drainer was the one who motivated them to embark upon the same criminal activity. In January 2023, CertiK pinned down the two fraudsters behind the pseudonym.

According to CertiK’s analysis, the swindlers’ base of operations would be in Russia. Last October proved quite lucrative for the fraudster, with the heists resulting in over 700 ETH being taken away in a single day. This included stablecoins, a Bored Ape Yacht Club NFT, and digital collectibles.

Even though Monkey Drainer might be shutting down its business, other similar scams will continue to spring up. Hence, investors must remain vigilant and aware of the risks of cryptocurrency investing.