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Cybercriminal group “Pink Drainer” strikes again: $4.4 million theft in Chainlink

Cybercriminal group "Pink Drainer" strikes again: $4.4 million theft in Chainlink

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TL;DR

  • The cyber-criminal group “Pink Drainer” orchestrated a $4.4 million theft in Chainlink (LINK) through a deceptive “Increase Approval” function, targeting a single victim.
  • The victim’s assets, totaling 275,700 LINK, are swiftly drained in two transactions, with funds laundered through an “instant cryptocurrency exchange” by Pink Drainer.
  • Notorious for Discord and Twitter hacks, Pink Drainer’s illicit gains surged from $3 million in June to $18.7 million by December 19th, victimizing over 9,000 individuals, highlighting the escalating threat of cybercrime in the cryptocurrency space.

The notorious cyber-criminal group known as “Pink Drainer” has orchestrated a significant theft, making off with a staggering $4.4 million in Chainlink (LINK). The victim enticed into initiating an “Increase Approval” functionality, fell prey to a swift and calculated attack.

Swift execution of deceptive tactics

Blockchain records reveal that within a minute of the victim signing the deceptive “Increase Approval” transaction, 275,700 LINK, equivalent to $4.33 million, was siphoned off in two transactions. A wallet labeled “PinkDrainer: Wallet 2” received 68,925 LINK, while another 206,775 LINK found its way to an address ending in “E70e.”

Unraveling the cyber web

Security experts from Scam Sniffer have verified the connection between this substantial theft and Pink Drainer, a group notorious for its involvement in Discord and Twitter hacks over the past year. The victim’s interaction with the phishing website remains unclear, but Scam Sniffer has identified at least 10 Pink Drainer scam sites in the last 24 hours.

Pink Drainer, not a stranger to the cybercrime scene, has been linked to several high-profile scams and hacks, including those targeting OpenAI’s Chief Technology Officer, Mira Murati, and Orbiter Finance. The group has also adopted the guise of crypto journalists in its scams. Data from Dune Analytics indicates a significant surge in Pink Drainer’s illicit gains, from $3 million in June to a staggering $18.7 million as of December 19th, victimizing 9,068 individuals.

Laundering funds and ongoing investigations

To cover their tracks, Pink Drainer swiftly exchanged the stolen funds for Ether (ETH), utilizing the “instant cryptocurrency exchange” eXch for laundering purposes. 

As authorities and cybersecurity firms intensify efforts to track down Pink Drainer, the collective’s evolving tactics and escalating financial impact underscore the persistent threat posed by cybercriminals in the cryptocurrency space. Investors and users are urged to exercise utmost caution and employ robust security measures to safeguard their digital assets in the face of these growing cyber threats.

In conclusion, the latest exploit by Pink Drainer serves as a stark reminder of evolving cybercrimes in the crypto sector, necessitating collective vigilance and proactive measures to counteract the persistent threat posed by such malicious entities.

Disclaimer. The information provided is not trading advice. Cryptopolitan.com holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decisions.

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Damilola Lawrence

Damilola is a crypto enthusiast, content writer, and journalist. When he is not writing, he spends most of his time reading and keeping tabs on exciting projects in the blockchain space. He also studies the ramifications of Web3 and blockchain development to have a stake in the future economy.

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