- Pink Drainer misplaced 10 ETH ($30,000) to an handle poisoning rip-off, exploiting handle similarities.
- Attackers mimicked Pink Drainer’s pockets handle to deceive them into sending funds.
- The assault comes days after Pink Drainer introduced ceasing operations.
In a stunning flip of occasions, the notorious cryptocurrency wallet-draining group often known as Pink Drainer has fallen sufferer to an handle poisoning rip-off, shedding 10 ETH price roughly $30,000.
The assault was flagged by crypto compliance platform MistTrack in an X submit on July 7.
What occurred?
Handle poisoning scams exploit the similarity between professional pockets addresses and fraudulent ones.
On this case, attackers despatched small quantities of crypto from a pockets with an handle intently resembling that of Pink Drainer.
The objective was to trick Pink Drainer into inadvertently sending funds to the improper handle.
MistTrack defined that scammers typically manipulate just a few characters in the beginning or finish of the handle to make it seem much like the goal’s professional handle.
MistTrack described how scammers make use of bots to watch transactions and establish alternatives. By mimicking elements of a professional handle, they improve the chance that the sufferer will mistakenly ship funds to the fraudulent handle as a substitute of the meant one.
In Pink Drainer’s case, the refined similarity between the pretend and legit addresses was enough to deceive the group into transferring 10 ETH.
Pink Drainer had introduced ceasing actions
The incident comes shortly after Pink Drainer’s announcement of retiring its operations, having purportedly achieved its goal of pilfering over $85 million in crypto belongings since July 2023, in keeping with information from Dune Analytics.
Whereas Pink Drainer has ceased its actions, the prevalence of comparable wallet-draining teams akin to Angel Drainer, Pussy Drainer, and Venom Drainer underscores ongoing threats within the cryptocurrency ecosystem.
Handle poisoning scams spotlight the significance of vigilance and adherence to safety greatest practices like exercising warning when dealing with transactions by guaranteeing verification of the accuracy of recipient addresses earlier than transferring funds.