Crypto scams are surging in 2024, leading to a spike in Inferno Drainer usage. After seeing the bullish momentum in the crypto market, the number of users of Decentralized applications using Inferno Drainer has increased three times, as scammers are putting their all efforts into stealing people’s funds.

According to Web3 security firm Blockaid, the number of people using this tool increased by 40,000 by the end of July. 

“At the beginning of the year, we saw about 800 new malicious DApps per week. Now, that number has tripled to 2,400 per week,” Oz Tamir, Blockaid’s research and development explained.

Crypto drainers are phishing tools created to steal cryptocurrency. These apps allow scammers to request users to permit them to enter the wallets through the signing of token approvals. This enables the scammers to get hold of their money.

The Inferno Drainer was extorting 70 million dollars before it said that it would cease operation in March 2023. But it is present in the Year 2014 and is much more prevalent than in the previous years.

Tamir, however, does not think that the Inferno tool is out of the ordinary saying it was just like any other tool that is there for use by fraudsters.

The security researcher also pointed out that scammers seem to switch between their tools depending on what is available and what pays for the commission of the drainer.

“Honestly, we don’t think Inferno has any unique characteristics in comparison with others,” Tamir said: “Scammers tend to choose their drainer following the availability and the offered commission.”

Tamir also believes that the increase in the use of Inferno is accompanied by more attempts of scams by other groups. The Blockaid research lead said that at the end of January 2024, they were getting about 180,000 malicious scan results weekly.

Rise in Scammers Linked to Bull Market

As for Tamir, he is sure that the growth of scammers is associated with the recent popularity of the bull market in crypto. With an increase in the number of people and investment in the domain, the attackers are encouraged to experiment with different forms of attack.

To his finding, he also pointed out that fraudsters are now using the new blockchain networks because most of them are not as secure as the older ones and see an opportunity to make some fortunes from them.

#Bitcoin News #Crypto Scams