A cryptocurrency-related phishing scam that uses malware called a drainer is one of the most widely used tactics these days. From November 2022 to November 2023, ‘Inferno Drainer’, a well-known multichain cryptocurrency drainer, was operational under the scam-as-a-service paradigm.
On sophisticated phishing websites, victims were deceived into linking their cryptocurrency wallets to the attackers’ infrastructure.
Group-IB found that at least 100 distinct cryptocurrency brands were impersonated on more than 16,000 distinct domains connected to Inferno Drainer’s phishing activities.
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Inferno Drainer Impersonated Popular Web3 Protocols
Malicious scripts observed in Inferno Drainer impersonated well-known Web3 protocols to link cryptocurrency wallets and obtain permission from the user to approve a transaction.
The hackers used prominent Web3 protocols, including Coinbase, WalletConnect, and Seaport, as a way to launch fraudulent transactions.
According to its website, Seaport is a Web3 marketplace protocol developed by OpenSea for effective and secure NFT trading.
Coinbase and WalletConnect are protocols that enable self-custody cryptocurrency wallets to connect with Web3 decentralized apps (DApp).
A user must manually approve transaction requests in their wallet after approving a DApp’s connection request (via WalletConnect).
“Once the connection with the wallet is secured, Inferno Drainer spoofed these protocols under the guise of various DApps to initialize malicious transactions,” reads the report.
To win a prize or other money reward, users are asked to link their accounts and authorize a transaction, but by doing so, they expose themselves to getting fraudulent transaction requests from the operators of the drainer.
The malware was uploaded to websites posing as official cryptocurrency token projects and propagated over Discord and X (previously Twitter).
Techniques on Phishing Websites to Deceive Victims
- Claims of airdropping free tokens.
- Motivating the possible victim to mint NFTs and take advantage of the benefits.
- Get compensated for any problems or disruptions the business experienced, e.g., if a company was hacked.
Amount of phishing websites in the crypto world is countless
Although the developer has now closed down Inferno Drainer, its popularity over the last 12 months has created many opportunities for criminals to accumulate wealth.
Its clients are still using it, and there’s no indication that their desire to steal NFTs and tokens has diminished.
When connecting your wallets, use caution and avoid pursuing free tokens and NFT giveaways known as airdrops.
The only way to stop similar attacks in the future is to conduct thorough investigations and bring offenders accountable. Victims must report their attacks to the appropriate law enforcement authorities.
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