Pink Drainer, the infamous crypto-hacking outfit, has been accused in a highly sophisticated phishing scheme that resulted in the theft of $4.4 million in Chainlink (LINK) tokens.
This recent cyber crime targeted a single victim who was duped into signing a transaction linked with the ‘Increase Approval’ feature.
Pink Drainer exploits ‘Increase Approval’ function
The ‘Increase Approval’ function is a regular method in the cryptocurrency world, allowing users to limit the number of tokens that can be transferred by another wallet. This activity facilitated the illegal transfer of 275,700 LINK tokens in two separate transactions without the victim’s knowledge.
According to Scam Sniffer, a crypto-security website, the tokens were drained in two separate transfers. Initially, 68,925 LINK tokens were routed to a wallet identified by Etherscan as “PinkDrainer: Wallet 2.” The remaining 206,775 LINK we
[…]
Content was cut in order to protect the source.Please visit the source for the rest of the article.
[…]
Content was cut in order to protect the source.Please visit the source for the rest of the article.
This article has been indexed from CySecurity News – Latest Information Security and Hacking Incidents
Read the original article: