Tuesday, February 27, 2024

‘Inferno Drainer’ scam as a service has stolen $5.9M since March: Reveals Report.

According to Web3 fraud-detection company fraud Sniffer, a new scam as a service called “Inferno Drainer” has allegedly taken close to $6 million from unwary cryptocurrency users. The reports said, Inferno Drainer offers scammers ready-to-use code that enables them to steal cryptocurrency in exchange for a 20% piece of the scammer’s cryptocurrency “loot.”

Security enthusiast and fictitious Twitter user 0xSaiyanGod accidentally discovered the scam service while perusing the Scam Sniffer Telegram channel. When Saiyan informed the channel about the con artist, the security staff launched an investigation. Using a Permit2 hack, Sniffer discovered a screenshot of a $103,000 drain transaction. The token clearance procedure is streamlined in Permit2 exploits, which are phishing tricks.

According to Scam Sniffer, the team was prompted to look for the transaction when the screenshot revealed the transaction hash of the heist, which led them to find the exploiter’s address. Then, Scam Sniffer discovered that the aforementioned address was linked to over 689 phishing websites that had been formed since March 27 and had defrauded users on many networks, including Ethereum, Arbitrum, Polygon, and BNB Chain, out of $5.9 million. Scam Sniffer developed a Dune analytics dashboard to display the data supporting this assertion.

The study said Inferno Drainer advertised its “service” to con artists in exchange for 20% of proceeds. Even building phishing websites for consumers in exchange for 30% was on the table, but only for “good customers or people with big potential.”

Over the past few months, scams as services have grown to be a bigger issue in the cryptocurrency world. ZachXBT found a comparable service called “Monkey Drainer” in October. Before it was shut down in March, customers had lost at least $1 million in ETH.

Cryptured Team
Cryptured Team
The writers team at Cryptured.com is composed of passionate and experienced journalists who cover the latest developments in the crypto and blockchain space. They aim to provide accurate, unbiased and easy-to-understand news and information for their readers, as well as insights and analysis from industry experts. The writers team is always on the lookout for new and exciting stories that can help the general public learn more about the potential and challenges of these technologies.
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