Blockchain security firm ScamSniffer reported that a cryptocurrency whale lost over $32 million in a transaction tied to the Inferno Drainer scam.
A blockchain security company, ScamSniffer, has reported that a cryptocurrency whale incurred a loss of more than $32 million due to a transaction associated with the Inferno Drainer fraud operation.
This operation exploits users by generating false versions of popular DeFi applications, thereby deceiving them into granting the fraudsters control over their wallets.
Fraudulent Operation of the Inferno Drainer
Users are targeted by the Inferno Drainer service, which leads to substantial financial losses. Inadvertently, victims share access to their purses, rendering them susceptible to theft.
The Operational Impact and the Size of the Losses
The Inferno Drainer operation has stolen over $215 million from over 200,000 victims, according to Dune Analytics panels from ScamSniffer. Operators extract 20% of the cryptocurrency that has been taken from wallets.
Fraud Prevention and Alerts
The operation recommenced in May with the introduction of new features, following its shutdown by developers in November 2023. LookOnChain, a crypto data platform, has advised users to exercise caution when signing unfamiliar transactions and to refrain from clicking on unfamiliar URLs.
To avoid phishing, please do not click on unknown links and avoid signing unknown signatures. Always double-check signatures before approving.
Extra caution is required to ensure the security of cryptocurrency as fraud becomes more sophisticated.
Strategies for Preventing Malicious Attacks
Users should ensure that their antivirus programs are up-to-date and employ anti-phishing software to safeguard against such attacks. Devices and software necessitate consistent updates to guarantee security
It is recommended that users refrain from clicking on files from untrusted sources and always have two-factor authentication (2FA) enabled. There is also a need to be vigilant about phishing attempts conducted through social media.
Inferno Drainer employs fake scripts of popular Web3 protocols to entice users to authorize transactions and connect their wallets.
Additionally, the fraudsters have advertised their services on a Telegram channel. In the final analysis, cryptocurrency security necessitates proactive measures and informed decision-making regarding prospective threats.
