As the crypto market experiences a bullish trend, the number of decentralized applications (DApps) utilizing the infamous Inferno Drainer tool has surged, tripling since the start of the year.
According to Blockaid, a leading Web3 security firm, the number of DApps leveraging Inferno Drainer reached 40,000 by the end of July 2024. Oz Tamir, Blockaid’s research and development lead, shared with Cointelegraph that the weekly count of new malicious DApps employing this tool has skyrocketed from 800 to 2,400.
“At the beginning of the year, we saw about 800 new malicious DApps per week. Now, that number has tripled to 2,400 per week,” Tamir revealed.
Inferno Drainer Resurfaces Amid Growing Crypto Scams
Crypto drainers like Inferno Drainer are phishing tools tailored specifically for the crypto world. These tools allow scammers to gain access to victims’ wallets by tricking them into signing token approvals, which in turn enables the theft of funds.
Although Inferno Drainer reportedly helped steal $70 million before supposedly shutting down in 2023, it has resurfaced, becoming even more active in 2024.
While Inferno Drainer seems sophisticated, Tamir argues it’s simply another tool in the scammers’ arsenal. “Scammers often choose their drainer based on what is available at the moment and what commission is taken by the drainer,” he added.
Bull Market Fuels Rise in Scammers
The sharp increase in scammers is closely linked to the current bull market in the crypto space. As more users and capital flow into the ecosystem, scammers are more motivated to invest in innovative, new attacks. Additionally, the emergence of new chains, which often lack robust security measures, presents scammers with fresh opportunities.
“As more users and money are entering the ecosystem, attackers are increasingly motivated to invest in new, novel attacks,” Tamir explained.
