The Rise of Pink Drainer: A Crypto-Hacking Group’s Exploits

The Rise of Pink Drainer: A Crypto-Hacking Group’s Exploits

Pink Drainer, a notorious crypto-hacking group, has once again made headlines for its involvement in a highly sophisticated phishing scam. This time, the scam resulted in a staggering loss of $4.4 million worth of Chainlink (LINK) tokens. The group targeted a single victim who unknowingly fell victim to a deceptive tactic that involved the signing of a transaction linked to the “Increase Approval” function.

Within the crypto world, the “Increase Approval” function allows users to set limits on the number of tokens accessible for transfer by another wallet. However, in this case, the victim was tricked into authorizing the transfer without their knowledge. As a result, 275,700 LINK tokens were drained through two separate transfers.

The stolen funds were swiftly diverted to different wallets. Initially, 68,925 LINK tokens were sent to a wallet identified as “PinkDrainer: Wallet 2” by Etherscan. The remaining 206,775 LINK tokens were transferred to another address ending with “E70e.” To complicate the traceability of the assets, the funds were quickly converted into Ethereum (ETH) and laundered through the eXch service.

Renowned crypto detective ZachXBT confirmed the conversion and laundering of the stolen funds, stating, “The stolen funds were sold for ETH and are currently being laundered through eXch.” This process further challenges the recovery and identification of the assets associated with Pink Drainer.

Scam Sniffer, a crypto-security platform, provided insight into Pink Drainer’s extensive network. The investigation identified at least 10 new scam sites connected to the group within the last 24 hours alone. This highlights the group’s continued efforts to expand its reach and target unsuspecting victims.

Pink Drainer is no stranger to high-profile attacks, having previously targeted platforms such as Twitter and Discord. Additionally, the group has been linked to incidents involving Evomos, Pika Protocol, and Orbiter Finance. Notably, earlier this year, they were also implicated in a scam masquerading as crypto journalists, resulting in the theft of approximately $3 million from over 1,932 victims.

Data from Dune Analytics reveals the alarming escalation of Pink Drainer’s activities. As of December 19, the group’s actions have resulted in total losses amounting to a staggering $18.7 million, affecting 9,068 victims. This exponential increase in both the financial impact and the number of victims highlights the urgent need for improved security measures within the crypto industry.

Pink Drainer’s involvement in the latest phishing scam, which led to the loss of $4.4 million worth of Chainlink tokens, signifies the group’s continued evolution and growing threat within the crypto space. With an expanding network of fraudulent sites and a penchant for targeting unsuspecting victims, it is imperative that individuals and platforms remain vigilant and implement robust security measures to mitigate the risks posed by such sophisticated hacking groups.

Crypto

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