- Inferno Drainer Scam-as-a-Service has drained over $5.9 million since March.
- The report was let out by Scam Sniffer.
- The scammers are associated with more than 689 phishing scams.
According to Scam Sniffer, a Web3 scam detection firm, there are reports of a recently surfaced scam as a service named “Inferno Drainer” that has allegedly managed to abscond with approximately $6 million from unsuspecting cryptocurrency users.
Inferno Drainer purportedly offers pre-made code to scammers, enabling them to pilfer cryptocurrencies, in exchange for a 20% share of the scammers’ ill-gotten gains.
0xSaiyanElite identified the Inferno Drainer scam
The discovery of the scam service was made by a security enthusiast and Twitter user known as 0xSaiyanElite, who stumbled upon a promoter of the service while browsing the Scam Sniffer Telegram channel. 0xSaiyanElite promptly reported the scammer to the channel, leading to an investigation by the security service.
During the investigation, a screenshot came to light, showcasing a transaction worth $103,000 involving a drain exploit utilizing Permit2. Permit2 exploits are phishing scams that exploit a simplified version of the token approval process.
With the transaction hash as a starting point, the Scam Sniffer team conducted further research, which led them to identify the exploiter’s address. Upon examination, it was revealed that the identified address was associated with more than 689 phishing websites created since March 27.
The address was found to have drained a total of $5.9 million from victims across different networks, including Ethereum, Arbitrum, Polygon, and BNB Chain.
To provide evidence supporting their findings, Scam Sniffer created a Dune Analytics dashboard, which effectively validated their conclusions by presenting the relevant data.
