Malicious DApps Using Inferno Drainer Increase Amid Crypto Bull Market

According to Cointelegraph, the number of DApps using Inferno Drainer has tripled as scammers ramp up their efforts to steal cryptocurrency. Data from web3 security firm Blockaid indicates that by the end of July 2024, the number of DApps using Inferno Drainer had reached 40,000. Oz Tamir, Blockaid’s head of R&D, reported that the weekly number of new malicious DApps using the tool has tripled from 800 to 2,400 since the beginning of the year.

Crypto draining tools like Inferno Drainer are phishing tools designed to gain access to cryptocurrency wallets by tricking users into signing token consents, ultimately allowing scammers to steal funds. Inferno Drainer, which previously claimed it would shut down in 2023 after stealing $70 million, has resurfaced and become more active this year. Despite its sophistication, Tamir believes Inferno Drainer is just one of many tools available to scammers, who often switch tools based on availability and commission rates. Tamir noted that the increase in malicious dApps correlates with a rise in fraud attempts across various threat actors.At the beginning of 2024, Blockaid observed a weekly average of 180,000 malicious scans. The researcher attributes this trend to the current bullish market conditions in the cryptocurrency space, which have attracted more users and funds, motivating attackers to invest in new and innovative attacks. In addition, attackers are exploiting new chains with less security measures, viewing them as opportunities for quick financial gain.