The number of decentralized applications (DApps) utilizing the Inferno Drainer tool has reached 40,000 by the end of July 2024, according to data from Web3 security firm Blockaid.
The number of decentralized applications (DApps) utilizing the Inferno Drainer tool has reached 40,000 by the end of July 2024, according to data from Web3 security firm Blockaid. This marks a threefold increase in the use of the notorious phishing tool as scammers ramp up their efforts to exploit growing market conditions.
Oz Tamir, the research and development lead at Blockaid, reported that the rate of new malicious DApps has surged from approximately 800 per week at the beginning of the year to 2,400 per week.
Tamir emphasized that the rise in these DApps correlates with the influx of new users and capital into the crypto ecosystem during the recent bull market.
Crypto drainers, such as Inferno Drainer, are designed to trick users into granting token approvals, allowing malicious actors to access and steal funds from wallets.
The Inferno Drainer has previously facilitated the theft of $70 million before claiming to have shut down in 2023. However, it has resurfaced and gained traction this year.
Tamir noted that while the Inferno Drainer appears sophisticated, it lacks unique features that set it apart from other tools used by scammers. He stated that attackers often select their phishing tools based on availability and the commission structure associated with them.
Additionally, Tamir highlighted that the emergence of new blockchain networks, which typically have weaker security protocols, presents further opportunities for attackers.
He suggested that as the crypto space continues to evolve, it becomes increasingly attractive for malicious actors to experiment with novel phishing techniques.
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