Crypto Phishing Sites Surge: DApps Exploiting Inferno Drainer Triples Since Year Start

IconCryptoNewsTerminal Staff29 Aug, 2024

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Crypto Phishing Sites Surge: DApps Exploiting Inferno Drainer Triples Since Year Start

Cryptocurrency phishing sites are on the rise, with the number of decentralized applications (DApps) utilizing the "Inferno Drainer" phishing site generator surging to around 40,000. This represents a threefold increase since the beginning of the year, according to data from Web3 security firm Blockade. The Inferno Drainer, which was reportedly shut down last year, has since resumed operations and is estimated to have facilitated the theft of around $70 million before its initial shutdown. The generator creates phishing sites that mimic legitimate cryptocurrency exchanges and wallets, tricking users into entering their credentials and private keys. This surge in phishing sites highlights the ongoing need for vigilance in the cryptocurrency space. Users should always be cautious when interacting with DApps and websites, and should never enter their private keys or other sensitive information into a site they do not trust.

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