Scam Sniffer, a platform specializing in the identification of scams, announced on Friday that the malicious software provider is allegedly linked to thousands of scams resulting in the theft of several million dollars.
By analyzing off-chain and on-chain data on Ethereum, Arbitrum, BNB Chain, and other chains, the security firm identified 4,888 victims who collectively lost over $5.9 million in cryptocurrencies and NFTs.
Approximately 1,699 ETH is reported to have been stolen and distributed across five different addresses, each holding between 300 and 400 ETH.
The extent of these scams was revealed when a suspected Inferno Drainer member named “Mr Inferno” appeared in a Scam Sniffer's Telegram group.
This led to the discovery of a website promoting the scammer's services. “We have a product that provides Web3 malicious website scanning service for platforms, so we identify a lot of malicious websites,” Scam Sniffer explained to Decrypt. “The Telegram channel helped us connect them together.”
The scammer reportedly charges 20% to 30% of the stolen assets in exchange for their malicious software, which is used to create fraudulent websites.
The scammers targeted some of the most well-known brands in the crypto ecosystem, such as Pepe, and Collab. Land, zkSync, MetaMask, and Nakamigos, among others.
In total, about 220 brands are believed to have been used to deceive users.
Despite the bear market, crypto scams are still frequent. A recent study by Crystal Blockchain revealed that 2022 emerged as the worst year on record for crypto fraud, with 120 separate incidents reported.
This number represents a 28% increase compared to 2021.
By Mahesh from The Modern Crypto World
