MONEY DECODED

Wallet Drainers: How "Connect Wallet" Can Empty Your Crypto

A wallet drainer is a malicious website that looks like a free airdrop, an NFT mint or a popular app. It does not need your seed phrase. It only needs you to click "connect" and then "approve" or "sign".

How it works

You see a post or DM about a free token claim or a limited mint. The site looks legitimate and asks you to connect your wallet. Then your wallet shows a request to approve spending or sign a message. That approval can give the site permission to move your tokens or NFTs, now or later, without asking again.

Red flags

• Free tokens or NFTs you did not expect, with a countdown.
• Links from replies, DMs or sponsored posts instead of the project's official site.
• Your wallet asks for an approval with an unlimited amount, or a signature you do not understand.
• The website address is slightly different from the real one.

How to protect yourself

• Keep long-term savings in a separate wallet that never connects to new sites.
• Read every wallet pop-up. If you do not understand what you are signing, reject it.
• Regularly check and revoke old token approvals with a reputable approval checker for your network.
• Bookmark the real sites you use and only open them from your bookmarks.