Inferno Drainer Shut Down After Helping Steal $70M in Crypto

What is an Inferno Drainer shut down? Crypto scams are common practices today, affecting millions of individuals, including investors, traders, and the overall economy of a country. From phishing scams to fake celebrity marketing, crypto frauds have brought down the financial market to a massive extent. 

For a digital currency that most organisations and governments rebel against, such events of fraud and money stealing can lead to an increased lack of trust from people in this developing financial tool, cryptocurrency. With several types of scams occurring in the realm of crypto, Inferno Drainer’s targeting hundreds and thousands of users to steal around 70 million U.S. dollars is a huge ambush. 

Therefore, cybersecurity must be a strong suit for states and big companies to secure their users from being attacked by black hat hackers and other scams. However, the robust attack aided by Inferno Drainer, which offers Malware-as-a-Service (MaaS), made Inferno Drainer shut down its services to support crypto and refrain users from future attacks. 

Related: Hack Strikes Crypto Exchange HTX, Resulting in a $30 Million Loss on HTX

A Closer Look at Inferno Drainer

@girlgone_crypto

It’s been another crazy week! 😝 From Inferno Drainer shutting down, all the KyberSwap hack craziness, Cristiano Ronaldo getting sued over his Binance partnership, and Bitcoin spot ETFs getting delayed AGAIN… stay caught up with this weeks edition of: ⏰ The Crypto Minute ⏰

♬ original sound – Girl Gone Crypto

As you are familiar with cryptocurrency and how it functions, it is essential to understand that crypto wallets play a crucial role in crypto’s security. Despite being operable on the blockchain, which is the safest information storing system, investors and traders of cryptocurrency need a crypto wallet, in any form, to secure their assets. 

According to a report on Statista, the stolen crypto from hacks grew nine times from 2020 to 2021. Inferno Drainer is a service provider of MaaS to help people, especially malicious actors, make crypto out of users’ wallets. This process is known as crypto wallet draining, where MaaS acts as a driving force. 

It is not the only organisation performing such activities; Other draining vendors also operate in the market. They get commissions from the stolen cryptocurrency, making a lucrative capital with MaaS. Inferno Drainer’s growth in fame was supported by the shutdown of another drainer, Monkey Drainer, at the start of the year as it bid farewell to the malicious way of making money.

Inferno Drainer Shut Down Its Operation

Draining blockchain-based wallets seems unbeatable to laymen, but organisations like Inferno Drainer make it look like child’s play. After helping its users in their quest to steal money from digital financial marketplaces, such as cryptocurrency and Non-Fungible Tokens (NFTs), Inferno Drainer shut down for good. 

Its team has addressed users in its official Telegram channel, paying gratitude and bidding farewell by pledging not to work in the same space ever again. Since its hyped fame from March 2023 due to Monkey Drainer’s exit from the market, this crypto wallet-draining platform has helped users take more than 70 million U.S. dollars in crypto and NFTs in return for 20 per cent of the stolen money as a commission for the malware. 

Despite closing its services permanently, Inferno Drainer will keep its servers up for some time to support its users in transitioning to other service providers, as per its Telegram post. However, it has deleted the affiliated Telegram channel, which is mr_inferno_drainer, advising users not to trust any service provider functioning with its name. 

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Role of Security Firms in the Exit of Inferno Drainer

Web3 security firm Scam Sniffer and Blockchain security organisation CertiK played their part in bringing the wallet-draining issue to the table. Scam Sniffer suggested that the renowned MaaS platform Inferno Drainer has offered their malicious software to users who target over a hundred thousand crypto investors. As per their report, they stole around 70 million U.S. dollars. 

The other anti-scam organisation, CertiK, issued a statement declaring Inferno Drainer to be the most vicious and hazardous phishing kit that damaged the crypto landscape to a large extent. As it is closed permanently, crypto enthusiasts may feel delighted and joyous, but other crypto wallet-draining vendors still operate in the market. 

Here are some statistics about the targets of Inferno Drainer’s malware:

1. NFT Collectors and Investors

With around 689 fake websites since March, Inferno Drainer has targeted numerous crypto brands, individual investors, and NFT collectors. Several anti-scam firms have confirmed the involvement of Inferno Drain in these attacks. 

June was the month when Inferno Drainer helped its users steal six NFTs from the OpenSea NFT marketplace. The figure grew to 13 NFTs from the Blur NFT platform in August, followed by other NFT collections, including Shadow Wolves NFTs and more. 

2. Inferno Drainer’s Role in Stealing Crypto Assets

Reports from Scam Sniffer suggested that Inferno Drainer’s malware facilitated hackers to target many crypto brands for stealing their resources. The victims involve PEPE, LAND, MetaMask, Scroll, ChainGPT, LayerZero, and so on. 

Collectively, the stolen amount exceeded millions of dollars, inducing a giant hole in the crypto market, which you explore by clicking here. In essence, these attacks proved the worth of Inferno Drainer, making it one of the best crypto wallet-draining vendors in the market, which won’t be available anymore to its customers. 

Robust Cybersecurity Is the Need of the Hour for Crypto

Inferno Drainer shut down from the MaaS space is a fortunate event. It will give a sense of relief to crypto enthusiasts, but the storm has not ended yet since other service providers operate in full bloom. 

Pink Drainer and Angel Drainer are active phishing kits that can help malicious actors access users’ crypto wallets for evil practices. Therefore, cryptocurrency platforms must ensure state-of-the-art cybersecurity to prevent perpetrators from harming users. 

Furthermore, the sceptic and vigilant use of crypto is an indispensable measure for every crypto lover, including multi-factor authentication, verification of the website they use, and so on. Hardware-based cold crypto wallets for the storage of virtual assets will guarantee users’ safety.