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Cryptocurrency Scam Kit’s Notorious Reign Comes to an End

Crypto wallet-draining kit, Inferno Drainer, responsible for orchestrating widespread cryptocurrency scams, announced its cessation of operations on 27 November.

The kit gained notoriety for phishing schemes that led to the theft of over $80 million in cryptocurrencies from thousands of victims.

This recognition followed the shutdown of its predecessor, Monkey Drainer, earlier in the year.

#CertiKSkynetAlert 🚨

Scammer known as β€œMonkey” has announced that the Monkey Drainer will close permanently

Monkey took a ~30% commission of ALL stolen funds from scammers using the phishing kit.

Some estimates are that $13m has been stolen using Monkey Drainers.. πŸ‘€πŸ‘‡πŸ§΅ pic.twitter.com/m6EmHQAGo2
>β€” CertiK Alert (@CertiKAlert) February 28, 2023
> a

Monkey Drainer, which pilfered approximately $13 million, went offline in March after a similar announcement on Telegram.

Inferno Drainer’s Operating Method

Inferno Drainer, operating 689 phishing websites targeting popular projects, exploited vulnerabilities inherent in the decentralised nature of cryptocurrency transactions.

Reports reveal that nearly 4,888 victims fell victim to these scams, resulting in substantial financial losses.

Web3 anti-scam firm Scam Sniffer estimates that Inferno Drainer defrauded thousands of victims of around $6 million in cryptocurrency assets.

The closure of Inferno Drainer elicits a mixed response in the cryptocurrency community.

It represents a positive development in shutting down a notorious service but also highlights ongoing challenges in combating digital financial crimes.

The incident underscores the complexity of digital financial crimes, with cryptocurrencies’ anonymity and borderless nature posing significant hurdles for law enforcement and regulatory bodies.

Experts stress the necessity for heightened vigilance and enhanced security measures to guard against such sophisticated scams.

Digital Currency Vulnerabilities

The rise and fall of Inferno Drainer stand as a reminder of the vulnerabilities inherent in the realm of digital currencies.

This emphasizes the crucial need for robust protective measures to ensure the safety of investors and users in this continually evolving financial landscape.

* Original content written by Coinlive. Coinbold is licensed to distribute this content by Coinlive.