Cryptocurrency hacking group Pink Drainer has been identified as the perpetrator behind the recent $4.4 million LINK user drain, raising the total number of victims to 9,068 and the stolen amount to $18.7 million.
On-chain analytics firm Etherscan reported another user falling victim to an increased allowance transaction, losing approximately 275,700 LINK in two separate transactions, valued at around $4.4 million.
The flagged transactions revealed 68,925 LINK sent to Pink Drainer in the first transaction, followed by 206,775 LINK transferred to another wallet. Analysts underscore the need for heightened vigilance, noting Pink Drainer’s history of involvement in multiple scams.
Reddit user jbtravel84 provided an analysis, cautioning that funds were being swapped to Ethereum (ETH) and moved into intermediary addresses. Further investigation may unveil the culprits behind the wallets, according to the analysis.
The hacking group, affiliated with various scams, has faced accusations of stealing millions in the past. Scam Sniffer identified Pink Drainer as responsible for the recent theft, marking 10 fraudulent websites linked to the group within the last 24 hours.
This incident follows Pink Drainer’s previous scam in June, where they orchestrated a $3.3 million theft from 2,300 victims. The group posed as journalists conducting interviews, leading victims into a Know Your Customer (KYC) process before compromising their assets.
Hackers targeted users through phishing links sent via Discord accounts they had gained access to, with users inadvertently opening malicious websites and signing harmful signatures, resulting in asset losses.
In another exploit in June, Pink Drainer compromised the Twitter account of decentralized finance (DeFi) platform Slingshot, posting a false link to claim airdrops and draining 216 users’ accounts.
The industry calls for increased disclosure and urges holders to exercise extra caution in the face of Pink Drainer’s persistent and evolving scams.