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Crypto News – Pink Drainer’s Turn: Address Poisoning Scam Hits Back

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Crypto News - Pink Drainer's Turn: Address Poisoning Scam Hits Back

Crypto News – Pink Drainer Strikes Again: This Time, They’re the Victim

Crypto News – Pink Drainer, a notorious wallet-draining group, has seemingly been given a taste of its own medicine after falling victim to an “address poisoning” scam.

MistTrack Exposes Pink Drainer’s $30,000 Loss to Address Poisoning Scam

Crypto compliance platform MistTrack drew attention to the attack in a July 7 post on X, revealing that the hacking group lost 10 Ether (ETH) to the scam. The amount, worth around $30,000 at current prices, was sent to a fake wallet address in late June. MistTrack explained to Cointelegraph that an address poisoning scam occurs when an attacker sends small amounts of crypto from a wallet with a similar-looking address to one of the target’s regular wallets. The goal is to trick the target into accidentally sending funds to the incorrect wallet.

Crypto News - Pink Drainer's Turn: Address Poisoning Scam Hits Back

“Scammers have bots that look for new transactions. Since they can’t crack the code on the whole address, it’s possible to make the first and last few characters look similar to the address being used,” MistTrack said. “So the scammer is banking on the victim to [copy the] scam address instead of the victim’s original address,” they added.

Pink Drainer Duped: Attackers Use Identical Wallet Address to Steal 10 ETH

In this instance, the attackers sent funds from a wallet address bearing an almost identical identifier as Pink Drainer’s previous wallet. This successfully duped Pink Drainer into sending a total of 10 ETH to the fake address by accident.

The incident comes just a month after a surprise announcement from Pink Drainer on May 17, declaring it would be retiring its services after reaching its stated goal of helping steal over $85 million in crypto assets. According to Dune Analytics data, Pink Drainer stole $85.3 million in crypto since July 2023.

While Pink Drainer may have halted its operations, several other drainer toolkit services remain active, including Angel Drainer, Pussy Drainer, and Venom Drainer, continuing to aid nefarious actors in stealing crypto assets.

This latest incident highlights the ongoing risks and evolving tactics in the crypto landscape, underscoring the need for vigilance and robust security measures among all crypto users.

FAQ on Pink Drainer’s Address Poisoning Scam

What is an address poisoning scam?

An address poisoning scam occurs when an attacker sends small amounts of cryptocurrency from a wallet with a similar-looking address to one of the target’s regular wallets. The objective is to trick the target into accidentally sending funds to the incorrect wallet by making the first and last few characters of the fake address resemble the genuine address.

How did Pink Drainer fall victim to the address poisoning scam?

Pink Drainer was tricked into sending 10 Ether (ETH) to a fake wallet address that closely resembled their previous wallet address. The attackers sent small amounts of crypto from this fake address to Pink Drainer’s regular wallets, hoping they would accidentally send funds back to the wrong address.

For more up-to-date crypto news, you can follow Crypto Data Space.

Crypto News - Pink Drainer's Turn: Address Poisoning Scam Hits Back

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