Phishing Scam ‘Inferno Drainer’ Makes $6 Million in Crypto and NFT

Introduction

The increase in the value of cryptocurrencies has inevitably led to an increase in their popularity. However, this has also attracted hackers and scammers who are constantly looking for ways to steal digital assets from unsuspecting users. The latest of these is a phishing scam called ‘Inferno Drainer’ that has made nearly $6 million from crypto and non-fungible tokens (NFTs) in just a few weeks. This article will delve into the details of this latest scam and how it has affected investors on different blockchains.

Scam Service Loots $5.9 Million in Crypto

Scam Sniffer, a platform that specializes in identifying scams, recently announced that 4,888 victims had fallen prey to the Inferno Drainer scam service through 689 phishing websites. Inferno Drainer’s so-called ‘scam as a service’ provides ready-made code allowing scammers to steal crypto in exchange for a 20% to 30% commission. The platform offers malicious site’s software and hosting, charging clients based on the amount stolen.

On-chain data shows that all the 689 phishing websites were created since March 27th, or possibly earlier, marking phishing scams as a growing problem in the crypto industry in recent months. Scammers targeted well-known names within the crypto ecosystem, including Pepe (PEPE), Collab.Land, zkSync, MetaMask, and Nakamigos, among others, using about 220 brands to mislead users, according to Scam Sniffer.

Similarities with ‘Venom Drainer’ Scam as a Service

Last month, Scam Sniffer identified a similar scam-as-a-service called ‘Venom Drainer’ that managed to steal $27 million from 15,000 victims. The top five victims alone lost a total of $14 million.

Turnover of Crypto Scammers

The turnover of scammers targeting cryptocurrencies reportedly fell considerably in 2022 compared to 2021. However, this was unsurprising considering the heavy bear market of last year. Despite this fall, scammers still managed to amass a total of $5.9 billion, which dents the industry’s reputation as a whole.

Conclusion

Phishing scams like Inferno Drainer pose a severe risk to investors operating in the crypto market. Scam Sniffer has done a great job of identifying scams, which is crucial in enhancing confidence in the crypto industry. As the sector grows, there is a need for enhanced security measures to prevent criminals from stealing investors’ digital assets. Users of cryptocurrencies and NFTs should take all necessary precautions to keep their assets safe.