- High school students are emerging as a new demographic conducting NFT thefts, utilizing hacking tools like they purchase from the black market.
- They conduct NFT drainer attacks, tricking users into revealing sensitive information and then using the stolen assets to purchase items on the Roblox metaverse platform.
- The use of these tools extends across various communication channels, including Discord servers and Twitter accounts.
When you imagine a typical cryptocurrency scammer, you might picture an experienced, savvy tech guru. Recent events, however, challenge these stereotypes as a new and unexpected demographic emerges on the scene. High school students, usually engrossed in their homework or sports practice, are now embarking on illicit paths of acquiring non-fungible tokens (NFTs) by exploiting easy-to-use hacking tools.
High-tech tools like Inferno and Venom are the new culprits behind the spate of NFT drainer attacks conducted by young scammers, some still attending high school. According to Plum, a pseudonymous security researcher cited by TheBlock.co, these cyber-attacks are commonly performed by kids under 18, who account for around 95% of the perpetrators. Their motives aren’t necessarily driven by greed but a desire to purchase items on the gaming platform Roblox, which offers a plethora of digital goods for sale that particularly appeal to this younger audience.
This shocking revelation paints a different picture from what we’re accustomed to. Hacking and phishing activities are no longer confined to the darker corners of the internet, inhabited by faceless and experienced criminals. Today, these threats are evolving and becoming even more challenging to address due to their perpetration by underage tech users who have found a way to profit from their digital prowess.
Tools of the Trade: Inferno and Venom
Inferno and Venom are sophisticated software that enables these young hackers to carry out NFT drainer attacks. By purchasing these tools on the black market and integrating the malicious drainer code into websites, the young scammers can deceive users into revealing sensitive information, hence facilitating the theft of NFTs. The money they make from these operations is then shared with the original code developers, creating a cycle of incentivization for these illicit activities.
The use of these tools is not limited to any one platform. Young scammers have demonstrated their ability to exploit various communication channels, including Discord servers and Twitter accounts, to conduct illegal operations.
The Vulnerability of the Crypto Space
The recent attack on Orbiter Finance’s Discord server is a case in point. Here, a scammer posing as a journalist could take control of the platform’s server by tricking a moderator into filling in a rigged form. Using the hijacked server, they posted a phony announcement about an NFT airdrop, drawing unsuspecting users to a phishing website designed to steal their assets. In this instance alone, scammers made off with approximately a million dollars worth of NFTs.
This event underscores the vulnerability of the crypto space, particularly where NFTs are concerned. While crypto technology continues to evolve, so do the techniques scammers employ to exploit it. The increased involvement of young people in such activities only adds complexity to the issue.
