DApps

Rise in Malicious DApps Using Inferno Drainer Tool

Thursday. August 29 at 7:00 PM

1 min. read

The number of decentralized applications (DApps) utilizing the Inferno Drainer tool has tripled as scammers intensify their efforts to steal cryptocurrency. Blockaid, a Web3 security firm, reported a surge in new Inferno Drainer DApps, reaching 40,000 by July 2024. Oz Tamir from Blockaid noted the threefold increase in malicious DApps employing the tool. These malicious DApps, designed for crypto phishing, deceive users into approving token access, enabling scammers to pilfer funds. Despite claims of shutdown in 2023 after stealing $70 million, the Inferno Drainer resurfaced and remains active. Tamir downplays the tool's sophistication, attributing its prevalence to scammers' adaptability. The rise in malicious activities aligns with a spike in scam attempts and the bullish crypto market. Attackers exploit new chains with weaker security, viewing them as lucrative targets. The trend underscores the ongoing battle against crypto scams.

More news 🗞️

Revolutionizing Blockchain Adoption with Morph's Mainnet Launch

Wednesday. October 30 at 8:00 PM

Morph, a global consumer layer driving blockchain adoption, has announced its mainnet launch on Ethereum. This launch signifies a significant step in expanding Morph's consumer layer beyond a typical Layer 2, addressing the root causes of limited blockchain adoption. Cecilia Hsueh, CEO of Morph, emphasized the goal of making blockchain more accessible to everyday users. The mainnet offers scalability, security, and user-friendliness, aiming to revolutionize the blockchain industry. Morph's approach focuses on providing builders with essential resources like funding and go-to-market strategies to ensure widespread adoption. The recent Centralized Exchange Coalition initiative further supports builders in bringing their projects to market. With a hybrid solution of ZK and Optimistic roll-up technology, Morph aims to empower developers to create consumer-centric decentralized applications. Bitget, a leading cryptocurrency exchange, is among the investors shaping the Morph ecosystem.

DApps

Revolutionizing Ethereum Interactions with the dGEN1 Device

Friday. October 18 at 8:00 PM

The ethOS operating system, built on Ethereum, has introduced the dGEN1, an innovative hardware tool tailored for seamless interactions with decentralized applications (dApps) on the blockchain. Positioned as the 'first on-chain everyday carry,' the dGEN1 is optimized for users navigating Ethereum's growing ecosystem. Unlike other blockchain devices like Solana Mobile Saga and Seeker, the dGEN1 focuses solely on Ethereum interactions, running on a customized LineageOS version. This unique device features a native Nimbus light client, enabling users to validate data without relying on third-party remote procedure calls. With a built-in browser supporting IPFS and .eth domains, users can easily access decentralized content. Noteworthy is the dedicated screen providing real-time transaction updates, enhancing user engagement. Preorders for the dGEN1 are open, available through NFT minting on Base Layer 2 network. Shipping is expected in the second quarter of 2025, with additional rewards planned for early adopters, solidifying the dGEN1 as a must-have tool for Ethereum enthusiasts.

DApps

Token2049 Singapore: Shifting Focus to Consumer Crypto and Multichain Innovation

Thursday. October 10 at 10:30 PM

Token2049 Singapore recently hosted a significant event in the crypto and Web3 space, attracting over 20,000 attendees, including notable figures like Vitalik Buterin and Richard Teng. The event delved into the shift towards investing in consumer crypto DApps for mass adoption, moving away from infrastructure development. Discussions revolved around key topics such as mobile distribution, user experience enhancement, and marketing strategies for mainstream crypto adoption. A highlight was the unveiling of Sweat Wallet's multichain development project, aiming to simplify cross-chain transactions for millions of users. The event also emphasized chain abstraction technology and the concept of a movement economy, which values physical activity. Overall, the event highlighted the growing importance of consumer adoption and user-friendly experiences in the blockchain industry, signaling a shift towards a more inclusive and accessible ecosystem.

DApps

Challenges and Trends in Ethereum Ecosystem

Thursday. September 19 at 2:30 PM

Ether (ETH) has been struggling to surpass the $2,450 mark for over two weeks, with a recent 17% drop in Ethereum decentralized application (DApp) activity causing concerns, especially for the layer-2 ecosystem. Traders are uncertain about the sustainability of the $2,250 support level. Despite facing challenges like high transaction costs and lower staking rewards compared to competitors, Ethereum remains a dominant platform in terms of activity and development. While the decline in DApp volumes and performance of decentralized exchanges may seem worrying, Ethereum's total value locked (TVL) and active addresses have remained stable. Although there is an increase in Ether deposits on exchanges, indicating potential short-term selling pressure, the overall network metrics suggest that Ether's price is unlikely to drop significantly below the support level. Investors are advised to closely monitor Ethereum's activity for any potential risks.

DApps