Pink Drainer Crypto Hack: $4.4M Stolen from One Victim – Notorious Group Strikes Again!

• Pink Drainer strikes again, siphoning off $4.4 million in Chainlink (LINK) from a single victim, utilizing phishing and “Increase Approval” functions.
• The group’s exploits have amassed an alarming total of $18.7 million across 9,068 victims, perpetrating hacks on Discord, and Twitter, and impersonating crypto journalists.

The notorious hacking collective known as “Pink Drainer” has made headlines once again after orchestrating a heist of $4.4 million worth of Chainlink (LINK) from a solitary victim. This latest exploit saw the victim duped into endorsing an “Increase Approval” function, resulting in the transfer of a staggering 275,700 LINK, presently valued at $4.33 million, across two swift transactions within a minute.

another victim lost $4.4 million worth of LINK to phishing scams about 2 hours ago.https://t.co/B4Z3yWrH7e https://t.co/6n6m0lZQK4 pic.twitter.com/6zSWTp8G6d

— Scam Sniffer | Web3 Anti-Scam (@realScamSniffer) December 29, 2023

The unauthorized transfers led to 68,925 LINK being routed to a wallet labelled “PinkDrainer: Wallet 2,” while an additional 206,775 LINK found its way to an address ending in “E70e.”

Blockchain security firm Scam Sniffer confirmed Pink Drainer’s involvement in this recent breach but expressed uncertainty regarding the victim’s interaction with the phishing website. Notably, Scam Sniffer identified at least 10 scam sites linked to Pink Drainer within the last 24 hours, suggesting an ongoing campaign of fraudulent activities.

Source: Scam Sniffer

According to Scam Sniffer’s analysis, this attack seems to target victims with significant crypto holdings. Meanwhile, blockchain investigator ZachXBT highlighted that the purloined funds have been converted into Ether and are currently being laundered via the “instant cryptocurrency exchange” eXch.

The notoriety of Pink Drainer doesn’t stop there. Over the past year, the group has been implicated in various Discord and Twitter hacks, targeting platforms like Evomos, Pika Protocol, and even notable personalities such as OpenAI’s chief technology officer, Mira Murati, and Orbiter Finance.

In addition to these breaches, Pink Drainer has been previously engaged in scams involving the impersonation of crypto journalists. Scam Sniffer’s investigations earlier in the year uncovered approximately $3 million pilfered from around 1,932 victims.

As of December 19, their malevolent activities have escalated, reaching an alarming total of $18.7 million looted from a staggering count of 9,068 victims, according to Dune Analytics.

Unveiling Pink Drainer’s Tactics and Impact

Heightened Vigilance Urged as Crypto Hacks Continue

This recent hack by Pink Drainer signifies a persistent threat to the crypto community, underlining the urgent need for heightened vigilance and stringent security measures against evolving hacking techniques.

This year has witnessed Pink Drainer’s relentless spree of hacks, targeting unsuspecting victims through a range of deceptive tactics. Their alarming success in exploiting vulnerabilities and manipulating users into compromising situations underscores the ever-present dangers lurking in the crypto space.

Also Read: Crypto Scams and Hacks Drain $2 Billion in 2023