Crypto User Loses $908,551 in 458-Day-Old Phishing Attack

A cryptocurrency user recently lost $908,551 in a sophisticated phishing attack that originated from a malicious approval transaction signed nearly 458 days earlier. Onchain analysis reveals that the victim unknowingly granted persistent access to their wallet, likely through a phishing site or fake airdrop, which the scammer exploited on August 2 to drain the funds in a single transaction [1].

The attack was executed via an ERC-20 approval transaction that linked the victim’s wallet to the notorious “pink-drainer.eth” address. The scammer waited until July, when the wallet received two large deposits—$762,397 from MetaMask and $146,154 from Kraken—before moving to siphon the total of $908,551 in USDC [1]. The patience and timing of the scammer illustrate a common tactic in such schemes, where attackers lie in wait until a wallet accumulates sufficient value to justify the effort of a theft.

This incident highlights the long-term risks associated with granting token approvals to unknown or unverified contracts. Scammers can remain dormant for months or even years, monitoring wallet activity and waiting for the right moment to execute a theft [2]. The victim had not revoked the original approval, leaving the wallet vulnerable despite no apparent activity for the majority of the 458-day period.

Security experts stress that users must proactively manage their wallet permissions. Tools such as Etherscan’s Token Approval Checker allow users to review and revoke unnecessary approvals, although each revocation incurs a gas fee [1]. The failure to do so can leave even experienced users at risk, as this case demonstrates.

The attack is part of a troubling trend in the crypto space. In July alone, over $142 million was stolen across 17 separate attacks, with the largest breach occurring at CoinDCX [1]. While this particular incident did not contribute to the overall figure, it underscores the growing sophistication and patience of cybercriminals.

Scam Sniffer, a blockchain security firm, emphasized the importance of reviewing and revoking old token approvals, warning that even minor oversights can result in significant financial loss [1]. As users increasingly interact with DeFi platforms and smart contracts, the need for heightened awareness and proactive security measures becomes more critical.

Source:

[1] Cointelegraph - [https://cointelegraph.com/news/crypto-victim-loses-908k-in-sophisticated-phishing-attack](https://cointelegraph.com/news/crypto-victim-loses-908k-in-sophisticated-phishing-attack)

[2] Coinfomania - [https://coinfomania.com/908k-stolen-in-phishing-tied-to-458-day-old-wallet-approval/](https://coinfomania.com/908k-stolen-in-phishing-tied-to-458-day-old-wallet-approval/)