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What are “drainer smart contracts” and why is the FBI warning of them?

What are “drainer smart contracts” and why is the FBI warning of them?

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The FBI is advising potential NFT buyers to be on the lookout for malicious websites that use “drainer smart contracts” to surreptitiously loot cryptocurrency wallets.

The websites present themselves as outlets for legitimate NFT projects that provide new offerings. They’re promoted by compromised social media accounts belonging to known NFT developers or accounts made to look like such accounts. Posts frequently try to create a sense of urgency by using phrases such as “limited supply” or by referring to the promotion as a “surprise” or the result of a previously unannounced token minting.

“The spoofed websites invite victims to connect their cryptocurrency wallets and purchase the NFT,” FBI officials wrote in a Friday advisory. “The victims unknowingly connect their cryptocurrency wallets to a drainer smart contract, resulting in the transfer of cryptocurrency and NFTs to wallets operated by criminals.”

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