Singapore has raised alarms over a surge in crypto wallet drainer attacks, combining phishing schemes and smart contracts to access and drain victims' funds.

The attacks, facilitated by Drainer-as-a-Service kits, are increasingly sophisticated, with one community boasting over 6,200 members.

Payments for these services often involve cryptocurrencies like Bitcoin, complicating traceability.

Crypto security firms have noted a rise in such malicious applications, stressing the need for heightened vigilance among users.