๐๐๐ Inferno Drainer #Cryptoscam still a threat despite previous shut down: Report
In a recent report, Singaporean #CyberSecurity firm Group-IB has shed light on the persistent threat posed by the 'scam-as-a-service' known as Inferno Drainer within the #cryptocurrency realm. The study reveals that since late March 2023, Inferno Drainer, utilizing 16,000 domains for phishing attacks, successfully pilfered $80 million from crypto users. Despite its shutdown in November 2023, the report titled 'Burnout: Inferno Drainerโs multimillion-dollar scam scheme detailed' underscores that the menace still hangs over the crypto market.
Inferno Drainer emerged on the scene in November 2022, rapidly evolving into one of the most adept crypto drainers within a year. Functioning as a 'drainer,' this service specialized in stealing cryptocurrencies through various deceptive methods, primarily focusing on phishing attacks.
The closure of Inferno Drainer in November 2023, announced by its developers, did not entirely eliminate the threat, as former users could have transitioned to alternative schemes. Group-IB analysts caution that there remains a risk that Inferno Drainer has not been completely eradicated.
The report highlights the extensive phishing operation involving 16,000 unique domains, mimicking over 100 crypto brands. Cybercriminals skillfully impersonated popular crypto entities and Web3 protocols like Seaport, WalletConnect, and Coinbase, luring victims to phishing sites. These fraudulent platforms initiated unauthorized transactions by duping users into connecting their accounts, promising financial rewards.
The report reveals Inferno Drainer's sophisticated operation crafting fake crypto project websites on platforms like X and Discord. Despite its halt, Group-IB warns of evolving cyber threats in the crypto space, calling for increased vigilance and enhanced security measures.
Source - cryptobriefing.com