May 29, 2024
Pink Drainer's Latest Coup: $4.4M Stolen in Singular Heist
Latest Cryptocurrency News

Pink Drainer’s Latest Coup: $4.4M Stolen in Singular Heist

In the latest cyber attack, the notorious crypto hacking group known as “Pink Drainer” has been linked to a staggering $4.4 million theft of Chainlink (LINK) from a single victim. The victim fell prey to a deceptive tactic involving the signing of an “Increase Approval” function.

According to on-chain data, the targeted individual was drained of a total of 275,700 LINK, equivalent to $4.33 million at the current valuation. The theft occurred across two transactions, both executed within a minute of the victim signing the malicious “Increase Approval” transaction.

In the aftermath of the attack, approximately 68,925 LINK was transferred to a wallet labelled as “PinkDrainer: Wallet 2” on Etherscan, while another 206,775 LINK found their way to an address ending with “E70e.”

Blockchain security firm Scam Sniffer confirmed the recent theft’s connection to Pink Drainer, emphasizing the uncertainty surrounding how the victim interacted with the phishing website. The firm revealed that it had identified at least 10 Pink Drainer scam sites in the last 24 hours, marking an alarming increase in the group’s activity.

“This is a typical attack where the victim happens to have a lot of assets,” remarked Scam Sniffer, shedding light on the group’s modus operandi.

Blockchain investigator ZachXBT reported that the stolen funds had been promptly converted to Ether and were currently being laundered through an “instant cryptocurrency exchange” called eXch.

Pink Drainer has gained notoriety for its involvement in several high-profile Discord and Twitter hacks over the past year. Previous victims include Evomos, Pika Protocol, OpenAI Chief Technology Officer Mira Murati, and Orbiter Finance. The group has also been implicated in a series of scams, with instances of impersonating crypto journalists to carry out fraudulent activities.

In June, Scam Sniffer reported that Pink Drainer had already stolen around $3 million from 1,932 victims. Shockingly, as of December 19, this number has surged to an alarming $18.7 million across 9,068 victims, according to data from Dune Analytics.

The continuous escalation in Pink Drainer’s criminal activities underscores the urgent need for increased vigilance and security measures within the cryptocurrency community. As the group continues to evolve its tactics, users and platforms alike must remain proactive in identifying and mitigating potential threats to safeguard the integrity of the digital assets ecosystem.

Image: Wallpapers.com

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