Crypto victim loses $908,551 in 458-day delayed phishing attack

A cryptocurrency user lost $908,551 in a delayed phishing attack, with the scam exploiting an approval transaction authorized over 458 days prior [1]. The incident highlights the long-term risks associated with granting approvals on decentralized platforms. The victim unknowingly signed a malicious ERC-20 approval transaction, likely via a phishing site or fake airdrop, which allowed ongoing access to their wallet [2]. This unauthorized permission remained dormant for nearly 16 months until the scammer executed the theft on August 2, 2025 [3].

The attack unfolded when the compromised wallet, initially holding little value, received significant deposits. On July 2, $762,397 was transferred into the account from a MetaMask address, and an additional $146,154 in USDC came from a Kraken wallet [1]. This sudden influx of funds likely prompted the attacker to act. The scammer, associated with the wallet address pink-drainer.eth, drained the full $908,551 in USDC in a single transaction [2].

This type of delayed attack is increasingly common in the crypto space. Rather than draining wallets immediately, attackers wait until victims accumulate substantial assets before executing their thefts. This strategy reduces the likelihood of detection and maximizes the reward [2]. The victim’s failure to review or revoke the outdated approval left them vulnerable, illustrating the importance of actively managing token permissions.

Such attacks underscore a growing trend in the crypto ecosystem. In July 2025 alone, over $142 million was stolen across at least 17 separate incidents, including a high-profile breach involving the crypto exchange CoinDCX [1]. These figures emphasize the urgent need for improved security practices and greater user awareness.

Ethereum users can mitigate these risks by using tools like Etherscan’s Token Approval Checker to monitor and revoke unnecessary permissions. However, each revocation requires a gas fee, which may discourage some users from maintaining their security settings [2]. As phishing attacks grow more sophisticated, security must become a shared responsibility between developers and individual users.

The incident serves as a cautionary tale for the broader crypto community. As blockchain adoption increases, so does the complexity of cyber threats. Proactive measures—such as using hardware wallets, enabling multi-factor authentication, and staying informed about transaction approvals—are essential in protecting digital assets from evolving risks [1].

Source:

[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/

[3] The420.in, What Is a Delayed Crypto Wallet-Draining Scam? Inside ...

https://the420.in/delayed-crypto-wallet-draining-scam-908k-loss-smart-contract-approval-phishing-attack-erc20/