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.

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A leading crypto analyst has recently outlined several compelling reasons why XRP’s price might be on the cusp of a significant rally. According to the analysis, a combination of technical patterns, market sentiment, and recent developments in XRP’s ecosystem points towards a bullish future. The analyst emphasizes the role of increased adoption, potential regulatory clarity, and strategic partnerships as key drivers that could propel XRP to new heights.

The Catalysts for Growth

Among the reasons cited for XRP’s anticipated price surge, increased adoption by financial institutions for cross-border payments stands out. This growing utility underscores XRP’s value proposition as a bridge currency, potentially leading to higher demand. Additionally, the crypto community is closely watching the ongoing legal proceedings involving Ripple and the SEC, with optimism growing around a favorable outcome that could set a positive precedent for XRP.

Strategic Partnerships and Technological Innovations

Another factor contributing to the positive outlook for XRP is Ripple’s continuous efforts to secure strategic partnerships with major financial players and innovators in the blockchain space. These alliances not only enhance XRP’s utility and visibility but also bolster its position as a leading cryptocurrency for real-world applications. Moreover, Ripple’s commitment to leveraging blockchain technology for sustainable and scalable solutions further enhances XRP’s appeal among environmentally conscious investors.

The post Crypto Analyst Highlights Why XRP Price Is Ready For Takeoff appeared first on Crypto Market Insights: Dive In with CryptoUpdate.io.