- Crypto user loses $908K in USDC due to phishing.
- Attack exploited 458-day-old smart contract approval.
- Scam Sniffer identifies Pink Drainer as responsible.
A cryptocurrency user lost $908,551 worth of USDC in a phishing attack exploiting an old smart contract approval involving Pink Drainer on the Ethereum network.
The incident highlights vulnerabilities in dormant wallet approvals, urging users to revoke unused permissions to prevent similar crypto thefts.
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A crypto user experienced a phishing attack resulting in the loss of $908,551 in USDC. The attack exploited an old smart contract approval affecting the Ethereum ecosystem and was analyzed by Scam Sniffer for security insights.
The involved parties include an anonymous victim and the attacker wallet “pink-drainer.eth.” Scam Sniffer identified the sophisticated nature of the attack, highlighting the importance of security awareness in the crypto community.
The attack had significant implications for the Ethereum community, primarily affecting an individual wallet rather than the broader market. This reflects ongoing vulnerabilities in the digital asset sector related to token approval management.
Financial implications include the complete loss of $908,551 in USDC. This event underlines potential risks associated with dormant wallet approvals, highlighting an area of concern for crypto security stakeholders.
No direct commentary from leading industry figures has surfaced due to the attack targeting a single user. Security experts are urging consistent revocation of old approvals to mitigate such risks in the future.
Security experts recommend regular checks on token approvals to prevent similar incidents. Historical data show that such phishing tactics are prevalent, necessitating robust user awareness and prompt action against dormant approvals.
The incident demonstrates that ‘Long-forgotten token approvals are a leading cause of loss. Even if you haven’t used a site for months, it can still drain your wallet if you don’t revoke old approvals.’ — Scam Sniffer, On-chain Security Platform
