The Rise of Pink Drainer: A Highly Sophisticated Crypto Phishing Scam

The Rise of Pink Drainer: A Highly Sophisticated Crypto Phishing Scam

The notorious crypto-hacking group known as Pink Drainer has once again made headlines with their involvement in a highly sophisticated phishing scam. This time, the scam resulted in a loss of $4.4 million worth of Chainlink (LINK) tokens. Targeting a single victim, Pink Drainer employed a deceptive tactic that led to the signing of a transaction connected to the ‘Increase Approval’ function. This function allows users in the crypto world to set limits on token transfers by another wallet. Unfortunately, the victim was unaware of this action, which facilitated the unauthorized transfer of 275,700 LINK tokens in two separate transactions.

Scam Sniffer, a prominent crypto-security platform, discovered that the stolen tokens were drained in two transfers. Initially, 68,925 LINK tokens were diverted to a wallet identified by Etherscan as “PinkDrainer: Wallet 2.” Subsequently, the remaining 206,775 LINK tokens were sent to a different address ending with “E70e.” Additionally, ZachXBT, a renowned crypto detective, uncovered that the stolen funds were quickly converted into Ethereum (ETH) and laundered through the eXch service. This additional step complicates the traceability of the assets, making it more challenging to recover the stolen funds.

The Gray Area: Coercing the Victim into Authorizing Transfer

While Scam Sniffer’s investigation confirms that Pink Drainer was behind this heist, details regarding the exact method employed to coerce the victim into authorizing the token transfer remain unclear. This highlights the group’s ability to manipulate individuals and exploit vulnerabilities in the system.

In the past 24 hours alone, Scam Sniffer has identified at least 10 new scam sites associated with Pink Drainer. This suggests a growing network of fraudulent activity connected to the group. Pink Drainer has been notorious for targeting platforms like Twitter and Discord, as well as specific projects such as Evomos, Pika Protocol, and Orbiter Finance. Earlier this year, they were also involved in a scam masquerading as crypto journalists, resulting in the theft of approximately $3 million from over 1,932 victims. This recent cyber heist indicates an escalation in Pink Drainer’s activities, with total losses amounting to $18.7 million and affecting 9,068 victims as of December 19, according to data from Dune Analytics.

Pink Drainer’s involvement in this highly sophisticated phishing scam demonstrates their ability to adapt and innovate their tactics to exploit vulnerabilities in the crypto space. The unauthorized transfer of $4.4 million worth of Chainlink tokens highlights the importance of vigilance and security measures in the crypto world. It is crucial for users to stay informed and cautious in order to protect themselves from falling victim to such scams. The rise of scam sites associated with Pink Drainer and their history of targeting various platforms and projects further emphasize the need for heightened awareness and robust security measures in the crypto community.


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