The cryptocurrency market has tumbled at its verge since the beginning of 2024, with Bitcoin reaching its all-time high, awakening whale holders, and experiencing the unprecedented success of spot ETFs.
An active whale’s movement has been tracked since the beginning of the year, stirring the market, including the trading price of leading cryptocurrencies. As per a recent information, a whale allegedly lost over $32.4 million in a scam by Inferno Drainer.
The whale’s wallet was emptied due to a dangerous transaction, resulting in losses of over a thousand in cryptocurrency tokens. As per specialists, hackers/scammers found it effortless to access victims’ accounts as most of them held their funds in single-signature wallets.
The scam involved over 12k spWETH tokens wiped out from Spark, a known decentralized finance. The worth of stolen funds was $33430334.02 as of writing.
The mastermind behind the heist has accessed the victims’ accounts after pinpointing the loopholes & vulnerabilities in the platform. Arkham Intelligence, a blockchain analysis firm, has verified the scam’s connection with Inferno Drainer.
The identified type of scam leverages methods to develop the replica of the existing leading Decentralized Finance application, which appears legitimate and original, yet original design to gain access to the victim’s account after signing a transaction.
Recent Hacks/ Scams News
Todayq reported on September 30, 2024that crypto wallet drainers robbed roughly $750k fooling innocent crypto investors and moguls. They utilized ‘advanced envision techniques‘ to commit this theft; the identified malicious application is the replica of the known ConnectWallet protocol, which helps connect several crypto wallets to DeFi applications.
In a report, Chainalysis notes, “With several billion in inflows, scams with a crypto nexus are mounting in 2024 and are one of the largest areas of illicit activity YTD.”
In the past week, both the YouTube channels of Indian influencer & podcaster Ranvir Allahbadia were breached to promote a cryptocurrency scam. In the first half of September, bad actors took control of the YouTube channel of the Supreme Court of India to advertise and promote a Ponzi/bogus project.
Crypto Market Price Updates
Until publishing, the cryptocurrency market capitalization was at $2.22 trillion after losing 2.53% in the past 24 hours. At the same time, the fear and greed index by CoinMarketCap was 48, determining neutrality in the market’s sentiment.
Bitcoin lost 3.10% of its trading price intraday, reaching $63,505 as of writing in the same frame; its trading volume grew 139.21%, reaching $37,270,818,60. Despite tumbling prices and sudden shifts in sentiments, Ethereum prices showed steadiness and tumbled between $2,576 to $2,655, now trading at $2,618.
Fantom (FTM), Bittensor (TAO), Sui (SUI), and Bonk (BONK) have been closely competing to lead the intraday gainers list. Worldcoin (WLD) tops the loser list as it lost 8.00% of its trading price, reaching $1.88, followed by Mina (MINA) trading at $0.5625, losing 7.21%.
Hamster Kombat has ruled the trending list by CoinMarketCap as it lost 43.75% in the past seven days, reaching $0.005489, followed by AI Companions (AIC) surging more than 520% weekly, reaching $0.1116.
