Infamous Pink Drainer Duped in 30000 Address Poisoning Scam
Article Highlights
The hacking group Pink Drainer lost $30,000 in an address poisoning scam, a trick they themselves used on others.
Scammers utilize similar-looking wallet addresses to deceive victims into sending crypto to them.
This incident emphasizes the ongoing risks of crypto scams, even for experienced criminals.
In a twist of fate, the notorious hacking group Pink Drainer fell victim to an address poisoning scam, resulting in a loss of 10 Ether, equivalent to $30,000. On July 7, crypto compliance platform MistTrack detailed this incident, highlighting the persistent dangers in the crypto space, even for fraudsters.
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Scamming the scammer
It appears that an address linked to Pink Drainer was targeted by the address poisoning scam.
Pink Drainer: 0x8980ab6d185af9bcc10292d4e91ae4c0b4f14213
Real: 0xEfF0E5244d5C78Ba4DD6bc01082576280558f58A
Fake:…
pic.twitter.com/1CCWTufeZv
— MistTrack️ (@MistTrack_io)
July 7, 2024
The Sting of Address Poisoning
Late in June, Pink Drainer, a notorious cybercriminal group, lost 10 Ether to a scammer’s wallet after falling victim to the cunning trick known as address poisoning. In this type of scam, the attacker sends a small amount of cryptocurrency from a wallet with an address that closely resembles the target’s, differing by only one symbol.
This tactic aims to deceive the target into unknowingly sending a large sum of money to the scammer’s address, mistaking it for their own.
How the Scam Operated
According to MistTrack, the scammers employed bots to monitor new transactions and generate addresses with first and last characters similar to the target’s address. The objective is for the victim to inadvertently paste the scam address instead of the intended one. Pink Drainer fell for this ruse, resulting in a loss of 10 ETH.
This scam occurred just a month after Pink Drainer announced their retirement on May 17, having pilfered over $75 million worth of crypto assets. Analysis from Dune Analytics reveals that Pink Drainer embezzled $85.3 million worth of crypto in July 2023 alone. Despite their expertise in scamming others, they too became victims of the very schemes they orchestrated.
Lessons for the Crypto Community
This incident serves as a stark reminder to Bitcoin and other crypto investors to meticulously verify wallet addresses before conducting transactions, in order to avoid falling prey to address poisoning scams.
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This Week in Crypto Hacks: Major Breaches Lead to $41 Million Loss
Pink Drainer’s misfortune provides a valuable lesson for all crypto users. Exercise caution, stay informed, and prioritize security.
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Hack