🚨 The $6 million Inferno Drainer

Gm, this is the doodhwala, the crypto newsletter that ALWAYS delivers. 🔥

No matter what it is… news, doodh and even PIZZA…we deliver it! 😎

Here’s what we delivering today:

• 🚨 New Scam Alert: Already $6 million stolen!

• 🔒 Is Metamask Safe: Metamask collecting taxes. True or False?

• 📈 NFT Szn Wen? NFTs seem to be recovering but from what?

• 🛠 APY vs APR: The difference lies in the details, kids!

• 🍼 Blockchain Bowling: Bowlers are gonna LOVE this by Avalanche!

About last night:

🥷 Crypto's Latest Scam

Another day, another scam. 🥲

That’s the life of a crypto bro.

Introducing:

👉 Inferno Drainer 👈

No, that’s not a machine to drain the rainwater from your house.

It’s the latest crypto scam that stole nearly $6 million in just a few weeks. 🤯

What's the deal with Inferno Drainer? 🤔

Scam Sniffer, the scam-busting Avengers, sniffed out Inferno Drainer's malicious activity.

Enter Mr. Inferno, one of the suspected members of Inferno Drainer, who made an appearance in a Scam Sniffer's Telegram group, thinking he could outsmart the Avengers.

Looks like Mr. Inferno got a little too close to the flames.

Well, guess what? He got caught red-handed. 😂

The Scam Sniffer team followed the trail and uncovered a website promoting the scammer's services.

Sniffer then discovered that Inferno Drainer sells devious software which is linked to thousands of scams, resulting in the theft of several million dollars. 💰

After analyzing off-chain and on-chain data from:

👉 Ethereum

👉 Arbitrum

👉 BNB Chain

👉 Other chains

Scam Sniffer identified a staggering 4,888 victims who collectively lost over $5.9 million in crypto and NFTs. 😬

That's one spicy scam operation!

The chain that was most stolen from was Ethereum (seems like they don’t like Vitalik much 🤷‍♂️).

What's Inferno’s business model tho?

Turns out, they charge a spicy fee of 20% to 30% of the stolen assets in exchange for their malicious software. They're making money off of other people's losses. 🥲

One unlucky victim had almost $400,000 worth of assets snatched away. 😢

They even tried negotiating with the scammers, offering them a 50% cut. It's like trying to strike a deal with the devil himself.

But that's not all!

Inferno Drainer has been setting up nearly 689 phishing websites since March 27. 😅

They're spreading like wildfire but not because of the heat waves in Delhi.

These phishing sites have targeted around 220 brands, including big names like 👇

👉 Pepe

👉 zkSync

👉 MetaMask

👉 Nakamigos

👉 Collab Land

Shocked that they didn’t even leave a frog out of this, I mean Pepe. 🐸

If you’re like – wtf are you talking about? Then you gotta read about it here.

The Bear Market Can't Stop Them ⛔️

Despite the crypto market going through a bearish phase, these scams keep popping up like daisies.

According to a report, 2022 witnessed a record-breaking number of 120 crypto fraud incidents, a 28% increase from the previous year.

Looks like even bears can't hibernate these scammers!

Doodhwala’s Take:

Protect yourself from getting burned — just like putting on sunscreen before hitting the beach! 😎

🔒 Metamask: Safe enough?

Rumors are all around the world. 🌎

Some of them are true, and some are just there to grab your attention.

Like, remember when people thought SBF was gonna change the world? Hehe, that was a funny one.

Pssst…Here’s the latest rumor tho!

Apparently, Metamask will withhold users’ crypto for processing tax. 😱

Spoiler: This rumor is as true as believing your life will change if you join that scammy influencer’s 10X Course. 🤷‍♂️

But first, what the hell is Metamask?

MetaMask is a widely used crypto wallet and browser extension that allows users to securely-

👉 Store

👉 Manage

👉 Interact …

…with Ethereum-based assets (EVMs) and decentralized applications.

Their popularity and size are what brew new rumors all the time, for better or worse. 🙅

Are the rumors true?

There was a lot of fear and uncertainty that was circulating around on Twitter that MetaMask would be implementing a tax feature.

The idea being spread around was that - MetaMask would start automatically deducting taxes from users' crypto transactions. 💰

We believe a reason for people to hop onto this rumor is due to the increased attention on crypto taxes and regulatory frameworks globally. (SEC wild 🤡)

To clarify, in the simplest of terms → No, the rumors aren’t true.

Here’s what MetaMask’s holding company ConsenSys had to say: 👇

How did the rumor get de-bunked?

Tl,dr; Here’s what they had to say:

• The "fees and payment" section exclusively pertains to products and paid plans offered by ConsenSys.

• Legal terms can be complex, and the above section does not apply to MetaMask.

• They’ll keep things 💎-clear next time.

The team behind MetaMask also emphasized their commitment to user privacy and their mission of providing a secure and decentralized cryptocurrency wallet. 🔐

However, we believe it’s also wrong for people to jump to conclusions without analysis all the time. 🤷‍♂️

Take a look at this user for example, he straight up said “DECENTRALISATION IS DYING” when he heard the rumor. 👇

As much as it is the MetaMask’s mistake on clarity, it’s equal responsibility for people to handle FUD properly. ✋

So next time you see someone on Twitter saying that doodh is unhealthy…

You can choose to ignore or correct them. 💪

📈 Cheese and Charts: Time for NFTs to recover?

There's always a brighter tomorrow, especially for NFT Traders. ☀️

After what has been a rough couple of years for NFTs,

There was finally a jump in volume with the introduction of Blur Loans and Shapella on ETH. 🔥

However, NFT Volume on Ethereum fell below $1B for the first month this year. 😬

During this period……Blur maintained its dominance in NFT trading volume, with a 61% share compared to OpenSea’s 19.7% share. 🤯

The trend still looks strong tho. 🚀

Will NFTs have their time again?

Hit reply and let us know what you think!

🛠️ Resourcewala: APY vs APR - Understanding the Difference!

Numbers, numbers, numbers! 🧮

When it comes to financial terms, it's easy to get lost in the jargon.

APY and APR are two such terms that often leave people scratching their heads.

Fear not, we're here to break it down for you. ⚡️

Today’s resourcewala:

• Wtf are APY and APR?

• How are they calculated?

• How can you make cool crypto returns using them?

LFG! 🔥🔥🔥

🥛 Doodhshots: Bowling on the Blockchain

• 🎓 Learn and Earn:: Web3 infrastructure company Upstream rolls out an exciting 'Learn and Earn' DAO course. Get ready to level up your crypto knowledge!

• 🎳 Strike On-Chain: The PBA (Professional Bowlers Association) takes a bold step by putting bowling awards on-chain with Avalanche NFTs. Spare no blockchain innovation!

• 💰 STEPN x Apple Pay: Web3's M2E sensation, STEPN, levels up by incorporating Apple Pay. Get your virtual sneakers on and join the action!

• 🚫 Huobi Hits the Brakes: Malaysia orders cryptocurrency exchange Huobi to halt its operations. Time to pack up shop, Huobi!

• ⚠️ Bitcoin's Wild Ride: Bloomberg analyst warns that BTC could rattle the markets at $7k before its next upward move. Buckle up, volatility awaits!

🤣 Milky Meme Of The Day

If you want more doodh then, be sure to follow our Twitter, LinkedIn, and Instagram.

That’s all for today folks! See ya tomorrow!

Yo! Our legal and financial advisors (aka our good ol’ conscience) have asked us to add this boring disclaimer. None of what you read here is financial advice. We aren’t here to get you to buy or sell crypto. We’re only here to tell you what’s up in crypto today and make you laugh. So, if you screwed up on a trade, that’s on you G. Stay safe in the markets.

Today’s edition was brought to you by Ritik Gupta and Sumanth

Edited by: Arvind Krishna and Aakash Athawasya