As the crypto market turns bullish, the use of the notorious Inferno Drainer tool by decentralized applications (DApps) has tripled, indicating a significant rise in scam activities aimed at stealing cryptocurrency.
According to data from Web3 security firm Blockaid, the number of DApps utilizing Inferno Drainer reached 40,000 by the end of July 2024. Oz Tamir, Blockaid’s research and development lead, informed Cointelegraph that the weekly emergence of new malicious DApps has surged from 800 at the beginning of the year to 2,400 by mid-year.
Inferno Drainer, a phishing tool designed for crypto theft, has become more active after previously claiming to shut down in 2023. This tool allows scammers to gain access to users’ wallets by tricking them into signing token approvals, enabling the theft of their funds. Despite its resurgence, Tamir notes that Inferno Drainer is not particularly unique; scammers often switch tools based on availability and the commission rates associated with each drainer.
Tamir also highlights that the increase in scam attempts correlates with the overall rise in malicious activities across various threat actors. Blockaid’s research indicates a weekly average of 180,000 malicious scan results at the start of 2024, reflecting the growing prevalence of scams.
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The surge in scam activities is partly attributed to the bullish market conditions, which have attracted more users and funds into the ecosystem. Attackers are motivated to invest in novel scams as the market grows. Additionally, Tamir points out that attackers are exploiting new blockchain networks with fewer security measures, viewing them as opportunities for quick financial gains.
Cre: cointelegraph.
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