Crypto User Loses $908K in 458-Day-Old Phishing Scam

A cryptocurrency user has suffered a $908,551 loss through a phishing scam involving a long-dormant wallet approval. The theft, executed on August 2, 2025, was attributed to the address pink-drainer.eth, a known participant in similar schemes [1]. The scam was traced back to an ERC-20 approval issued on April 30, 2024—nearly 458 days prior—likely through a phishing site or fraudulent airdrop. This approval remained active and unrevoked, granting the attacker persistent access to the user’s wallet [2].

The stolen USDC was transferred in a single transaction following a substantial deposit of $762,397 from a MetaMask wallet and $146,154 from a Kraken account. The combined influx of funds appears to have prompted the attacker to execute the theft, a common tactic in delayed phishing schemes. Instead of immediate exploitation, attackers often wait for wallets to accumulate value before draining them, reducing the risk of early detection [1].

The incident highlights a growing concern among cryptocurrency users regarding the management of smart contract approvals. Many victims remain unaware of the lingering permissions granted to dApps or contracts, which can be exploited by malicious actors. Security analysts have long emphasized the need for regular audits of token allowances to prevent unauthorized access [2]. Despite the availability of tools like Etherscan’s Token Approval Checker, users may be discouraged from using them due to associated gas fees or lack of awareness.

This attack is part of a broader trend in the crypto space. In July 2025 alone, over $142 million was stolen across at least 17 separate incidents, underscoring the urgent need for enhanced security practices and user education. The governance and DeFi tokens involved in this case were not affected, indicating a targeted rather than systemic breach [1].

Security experts recommend proactive measures, including the use of hardware wallets, enabling multi-factor authentication, and regularly reviewing transaction permissions. As phishing tactics become more sophisticated, both individual users and platform developers must share the responsibility of maintaining robust security frameworks to protect digital assets.

[1] Cointelegraph, Crypto victim loses $908K in sophisticated phishing attack

https://cointelegraph.com/news/crypto-victim-loses-908k-in-sophisticated-phishing-attack

[2] Coinfomania, $908K Stolen in Phishing Tied to 458-Day-Old Wallet

https://coinfomania.com/908k-stolen-in-phishing-tied-to-458-day-old-wallet-approval/