Scammers have siphoned approximately $59 million in crypto from victims over the past nine months using a wallet draining service called "MS Drainer", according to a report by blockchain security platform Scam Sniffer.

The scammers used Google Ads to target victims with fake versions of popular crypto sites.

Wallet drainers are blockchain protocols that enable scammers to transfer crypto from a victim to the attacker without their consent, typically by exploiting the token approval process.

Developers usually charge a percentage of the profit for using their draining software, enforced through smart contracts, making it impossible to avoid.