- User lost $908K in a wallet-draining scam.
- Scam executed 458 days post token approval.
- Highlights risks of unrevoked token approvals.
A crypto user has fallen victim to a sophisticated phishing scam, losing $908,551 in USDC, after inadvertently enabling a malicious ERC-20 token approval 458 days earlier, exposing key security vulnerabilities.
This incident highlights the enduring risks in decentralized finance, emphasizing the need for users to routinely monitor and revoke token approvals to mitigate similar security threats.
A crypto user lost $908,551 in a wallet-draining scam following a malicious ERC-20 token approval. The scam was executed 458 days after approval by a phishing operation, showcasing the dangers of unrevoked permissions in DeFi protocols.
The theft involved a bad actor linked to the address “pink-drainer.eth”. The incident was monitored by Scam Sniffer, a notable on-chain security analytics project, which emphasizes the need to regularly review and revoke old token approvals.
The immediate effects were contained to the compromised wallet without broader DeFi repercussions. Despite a large sum being stolen, the incident did not influence token valuations or liquidity metrics. It’s an isolated “whale” address compromise.
Financial implications include the ensnaring of $908,551 in USDC following large deposits made in July 2025. The attack did not affect Ethereum-based governance tokens or major coins, underscoring the specific targeting of the unwitting user.
Scam Sniffer, Security Monitoring Service, “We tracked an approval phishing scam where a user lost $908K in USDC after signing a malicious contract 458 days ago. Regularly review and revoke old approvals to reduce risk.”
The scam reflects historical trends of phishing approvals, which have plagued Ethereum-based assets. Victims, often unaware, neglect periodic checks on token permissions, which attackers capitalize on years later.
Potential outcomes emphasize heightened user vigilance in wallet management. Experts and security platforms urge proactive steps, such as using tools like Etherscan, Revoke.cash, and MetaMask’s permission manager to safeguard against exploitable vulnerabilities in the DeFi ecosystem.
| Disclaimer: The content on The CCPress is provided for informational purposes only and should not be considered financial or investment advice. Cryptocurrency investments carry inherent risks. Please consult a qualified financial advisor before making any investment decisions. |
