Digital asset wallet-draining platform, Inferno Drainer has closed shop after helping bad actors drain millions from several cryptocurrency platforms.
In a recent Telegram post, the firm announced an end to its operations citing a need to move on after helping several malicious actors pull off phishing scams and others worth over “$80 million.”
“The end of the craziest journey. Inferno Drainer is shutting down. It has been a long ride with all of you and we’d like to thank you from our heart. Unfortunately, nothing lasts forever.”
The scam-as-a-service provider stated that all files, servers, and devices will be preserved for users to have a smooth transition to a new service as they please while making a split.
Per the post, the platform also warned users and companies not to be deceived by scam accounts claiming to be the company for the purposes of future scams adding that they won’t make a subsequent return.
“A big thank you to everyone who has worked with us such as Drakan and every other customer, we hope you can remember us as the best drainer that has ever existed and that we succeeded in helping you in the quest of making money,” the statement reads.
100,000 victims: More regulation needed
Inferno Multichain Drainer like other infamous drainers is responsible for several hacks by assisting bad actors with the toolkit and taking a percentage of the drained sum.
1/ Inferno Drainer, a scam vendor specializing in multi-chain scams, has stolen $5.9 million in assets from nearly 4,888 victims through over 689 phishing websites targeting popular projects.https://t.co/OEjdzHm2Ls
— Scam Sniffer | Web3 Anti-Scam (@realScamSniffer) May 19, 2023
The platform became popular among bad actors in 2023 following the end of Monkey Drainer and it took a 20% cut of stolen assets. According to the web3 scam detector, Scam Sniffer the platform has stolen over $70 million from about 100,000 victims.
While many scam-as-a-service platforms are still in operation, the announced shutdown of Inferno Drainer has led to a high sigh of relief as several blockchain security firms including CertiK as one of the most damaging kits in the entire ecosystem.
A crackdown on bad actors?
After huge scams and bankruptcies, regulators have ramped up efforts to secure investor assets on two fronts; ensuring properly secure platforms through arresting and prosecuting scammers and licensing platforms.
This year has seen millions wiped away through scams leading to wider calls to clamp down on bad actors stealing user assets and reducing the bullish drive of investors in the market.
Last week over $90 million was stolen from HTX and the HECO bridge in addition to the multiple incidents recorded this year alone. Although it has not been disclosed if the hackers had assistance from scamming platforms, the crypto community needs fewer bad actors to make the industry safer and reduce unwanted criticism from anti-virtual asset commentators.
