Increase In Malicious DApps Using Inferno Drainer Amid Bullish Crypto Market

According to Cointelegraph, the number of decentralized applications (DApps) utilizing the Inferno Drainer tool has surged threefold as scammers intensify 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 research and development lead, 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 drainers like Inferno Drainer are phishing tools designed to access wallets by tricking users into signing token approvals, ultimately allowing scammers to steal funds. Inferno Drainer, which had previously claimed to 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 scam attempts across various threat actors. At the start of 2024, Blockaid observed a weekly average of 180,000 malicious scan results. The researcher attributes this trend to the current bullish market conditions in the crypto space, which have attracted more users and funds, thereby motivating attackers to invest in new and innovative attacks. Additionally, attackers are exploiting new chains with lesser security measures, viewing them as opportunities for quick financial gains.