Inferno Drainer, a crypto wallet-draining kit known for its widespread involvement in cryptocurrency scams, announced on Nov. 27 that it is shutting down its operations.

The kit has been responsible for phishing schemes that resulted in the theft of over $80 million in cryptocurrencies, with thousands of victims.

Inferno Drainer gained notoriety after the shutdown of Monkey Drainer earlier in the year. Monkey Drainer was responsible for the theft of roughly $13 million. The kit went offline in March via a similar announcement on Telegram.

Inferno Drainer

Inferno Drainer operated 689 phishing websites targeting various popular projects, exploiting vulnerabilities in the decentralized nature of cryptocurrency transactions. Reports indicate that nearly 4,888 victims have fallen prey to these scams, suffering substantial financial losses.

According to Web3 anti-scam firm Scam Sniffer, Inferno Drainer was responsible for defrauding thousands of victims out of roughly $6 million in cryptocurrency assets. This high number of fraudulent websites and the substantial amount of stolen assets highlight the increasingly complex nature of digital financial crimes.

The announcement of Inferno Drainer’s closure has been met with a mix of relief and concern in the cryptocurrency community. While the shutdown of such a notorious service is a positive development, it also raises questions about the ongoing challenges in combating digital financial crimes.

Cryptocurrencies’ anonymity and borderless nature continue to pose significant hurdles for law enforcement and regulatory bodies. Experts in the field emphasize the need for increased vigilance and improved security measures to protect against such sophisticated scams.

The rise and fall of Inferno Drainer serves as a stark reminder of the vulnerabilities present in the world of digital currencies and the importance of robust protective measures to safeguard investors and users in this evolving financial landscape.