ERC20 Wallet Drainer: UK Business Registrant

A team of developers behind a scam-as-a-service wallet drainer has taken a bold step by registering as a business in the UK. The phishing software developer, Crypto Grab, is responsible for creating the “Nova Drainer” application, which is used as a phishing product. It has now become listed on the official website of Companies House, the UK Government agency that oversees business registrations. By doing so, Crypto Grab aims to appear legitimate and obtain Extended Validation Certificates (EV SSL certificates), which would boost its credibility. Wallet drainers are Web3 protocols that scammers utilize to steal cryptocurrency by tricking victims into visiting malicious websites and making token approvals. According to Scam Sniffer, over $300 million was lost to these programs in 2023.

Crypto Grab promotes its software through its official Telegram group and website, which claims to be “Your Gateway to Crypto Affiliate Success.” The company’s official business registration name, Crypto Grab Limited, aligns with the name on its website. Crypto Grab proudly displays a Certificate of Incorporation on the software’s documents as evidence of its legitimacy. It argues that this registration will help it obtain EV SSL certificates, which will grant access to major suppliers such as Binance, StormGain, and Etoro.

In its registration with Companies House, Crypto Grab provides an address in London as its headquarters and lists Bradley Robertson as its director. Cybersecurity firm CertiK believes that the director’s identity is likely fake. Companies House itself acknowledges that it has limited means to verify the accuracy of information filed during registrations.

CertiK conducted an investigation into phishing sites associated with Nova Drainer and identified three contract addresses used in the scam operation. One of these addresses ends in 00000. After analyzing the addresses, CertiK concluded that Nova Drainer takes approximately 30% of the stolen cryptocurrency as a fee, while the rest goes to the client who created the phishing site. So far, over 7,000 transactions have been made using these contracts.

Companies House advises individuals who suspect false information in a registration to submit a complaint through email. The agency clarifies that it lacks investigatory powers and cannot directly investigate allegations of fraud. In such cases, it forwards the information to the police. Victims of fraud are encouraged to report their cases to the Action Fraud hotline.