Kelvin Daminabo
An evolved wallet drainer known as AngelX has initiated a series of fraudulent activities targeting emerging blockchain ecosystems such as The Open Network (TON) and TRON. This development signifies a notable rise in cyber threats within the cryptocurrency domain. Blockaid, a blockchain cybersecurity company, disclosed that AngelX has rapidly spread, identifying more than 300 malicious decentralized apps (dApps) in just four days.
AngelX represents a more aggressive and advanced version of its predecessor, focusing on less developed blockchain networks perceived to have inadequate defenses against attacks due to a lack of robust security mechanisms and support. The exploitation of emerging ecosystems underscores the increasing complexity faced by blockchain security providers.
Research by Blockaid indicates that over 90% of AngelX dApps have gone undetected by other prominent security firms, emphasizing the urgent need for heightened security protocols. With malicious actors turning their attention toward emerging blockchain ecosystems, it becomes imperative for these networks to fortify their security infrastructure to fend off potential threats.
The swift expansion of AngelX and its ability to avoid detection raise significant alarms regarding the security of emerging blockchain ecosystems. As the cryptocurrency domain evolves, it becomes critical for security providers and blockchain networks to collaborate in devising effective strategies to combat sophisticated threats like AngelX.
Constant Threats
The Angel Drainer malware, leveraging JavaScript, has long posed a threat to cryptocurrency wallets, utilizing phishing schemes to deceive users into providing token approvals, enabling attackers to siphon off their funds. Despite reports of efforts to unmask its operators in mid-July, the malware remains a prevalent risk.
In a February report, Blockaid estimated that Angel Drainer had purloined over $25 million in cryptocurrencies from nearly 35,000 wallets, suggesting its involvement in prominent breaches like the Ledger Connect Kit and Restake Farming attack. The impact of this malware raises concerns regarding the security of cryptocurrency wallets and the necessary precautions to safeguard against such perils.
The alleged identification of Angel Drainer’s operators by Match Systems analysts prompted speculations about the cessation of its operations. Nonetheless, the absence of confirmation on this issue leaves room for apprehension. As the cryptocurrency sector continually evolves, there is a crucial need for security providers and wallet services to collaborate in formulating effective defenses against sophisticated threats like Angel Drainer.
The enduring presence of Angel Drainer underscores the importance for users to stay vigilant and adopt essential measures to secure their wallets. This encompasses being wary of phishing attempts, regularly monitoring wallet activities, and implementing robust security protocols. Remaining informed and proactive is paramount in safeguarding against malware like Angel Drainer as the threat landscape undergoes changes.