Unmasking the FreeDrain Network

Description

A collaborative investigation by Validin and SentinelLABS exposes the FreeDrain Network, a large-scale cryptocurrency phishing operation. The campaign exploits search engine optimization, free web services, and redirection techniques to target and drain cryptocurrency wallets. The attackers use lure pages hosted on trusted platforms, which redirect victims to phishing sites mimicking legitimate wallet interfaces. The operation is believed to be run by individuals in the IST timezone, working standard business hours. The campaign has been active since at least 2022, with a notable acceleration in mid-2024. The research highlights the need for stronger safeguards on free publishing platforms to prevent such large-scale abuse.