Inferno Drainer Moves Stolen Funds Worth $5.29 Million to New Ethereum Address

IconCryptoNewsTerminal Staff29 Jul, 2024

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Inferno Drainer Moves Stolen Funds Worth $5.29 Million to New Ethereum Address

Inferno Drainer, a malicious actor associated with a cryptocurrency phishing site generator, has recently transferred a significant amount of stolen funds to a new Ethereum address. Web3 security platform Scam Sniffer detected the transaction on Twitter, revealing that 1,600 ETH (approximately $5.29 million) were moved seven hours prior to the report. This incident highlights the ongoing threat of cryptocurrency scams and phishing attacks. Inferno Drainer specifically targets users by creating fraudulent websites that mimic legitimate cryptocurrency platforms. Victims lured into using these sites may unknowingly provide their private keys, allowing the attackers to steal their funds. To protect against such scams, users are advised to be vigilant when interacting with unfamiliar websites and to exercise caution when sharing sensitive information. Additionally, utilizing reputable cryptocurrency exchanges and employing robust security measures, such as two-factor authentication, can further mitigate the risk of falling victim to phishing scams.

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