Analysts say newly evolved wallet sweeping tools are leading to a surge in scams targeting new blockchain ecosystems like TON and TRON.
Blockchain ecosystems like The Open Network and TRON appear to be in jeopardy as the newly evolved AngelX wallet sweeping tool has led to a surge in scams, indicating a significant increase in cyber threats within the cryptocurrency space.
According to data provided by blockchain cybersecurity firm Blockaid, AngelX, which was first released on August 31, spread quickly, with analysts detecting over 300 malicious decentralized apps in just four days.
“This spike indicates a significant increase in malicious activity, with AngelX establishing itself as one of the most aggressive wallet leakers in recent months.”
Blockade
According to Blockaid, the new wallet drainer, which represents a more aggressive and sophisticated iteration than the original, appears to be targeting less mature blockchain networks as hackers perceive these chains as “less well-prepared for attacks due to a lack of robust security tools and support.”
According to Blockaid’s research, over 90% of AngelX dApps have evaded detection by other major security providers, showing the growing challenges faced by blockchain security vendors as malicious actors increasingly exploit the new ecosystem.
Endless Attack
In mid-July, analysts at Match Systems reported successfully de-anonymizing the individuals behind Angel Drainer, leading to speculation that the malware had ceased operations. Angel Drainer, a JavaScript-based malware, is used by cybercriminals to empty cryptocurrency wallets by executing phishing scams that trick users into approving tokens, allowing the attackers to steal the assets.
In mid-July, analysts at Match Systems were able to de-anonymize the members behind Angel Drainer, raising questions about whether the malware had taken down the operation. In February, Blockaid estimated that Angel Drainer had stolen $25 million worth of cryptocurrency from around 35,000 wallets, suggesting that the malware was likely behind “major leaks” such as the Ledger Connect Kit and Retake Farming attacks.
Angel Drainer is a JavaScript-based malware used by cybercriminals to empty cryptocurrency wallets. It runs phishing scams that trick users into approving tokens, allowing the scammers to steal their assets.