Hacker Pink Drainer Loots $4,400,000 Chainlink, LINK Price Reacts
A notorious crypto-hacking syndicate known as Pink Drainer was linked by investigators to a recent phishing scam that drained $4.4 million worth of Chainlink (LINK) tokens from a single victim.
Key Details:
- Pink Drainer tricked the victim into approving a malicious transaction that transferred over 275,700 LINK.
- The stolen crypto was quickly sold for Ethereum on eXch.
- Pink Drainer has been tied to several past hacks of Discord, Twitter accounts, and blockchain projects through phishing tactics.
The victim signed an “Increase Approval” function that granted access for the hacker to drain their wallet. This was done across two transactions totaling 275,700 LINK tokens worth $4.33 million. Over 68,925 LINK went to a hacker wallet labeled “PinkDrainer: Wallet 2,” while 206,775 LINK were sent to a separate address, according to Scam Sniffer.
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Investigators remain unsure how the approval signature from the victim was obtained. Additionally, anti-scam platform Scam Sniffer confirmed Pink Drainer has come across at least 10 active phishing websites over the past day.
Chainlink price plummets following the hack
The stolen LINK was rapidly swapped for Ethereum on the decentralized exchange eXch in an effort to launder and cash out the illicit funds. Sophisticated hacking groups like Pink Drainer specialize in converting exploits into untraceable crypto through layers of instant transactions.
Pink Drainer has been tied to previous large-scale phishing thefts from Orbiter Finance, Pika Protocol, and crypto influencer accounts. The investigators remain concerned that the perpetrators continue to find ways to compromise unassuming crypto owners through clever phishing tactics.
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The latest attack saw LINK plunge nearly 9% amid the resulting market uncertainty. In addition, the price of LINK dropped from a 24-hour high of $17.50 to its current price of $15.96.
