Phishing Attack Victim Loses $908K After 15-Month Dormant Scam

You know it’s bad when the scammer has more patience than your Wi-Fi on a stormy night.

In this publication, we're uncovering a slow-burning crypto scam that quietly drained nearly a million dollars — and it could happen to anyone holding tokens in a Web3 wallet. Let’s dive in.

Nearly half a million dollars gone — and the victim never saw it coming.

In one of the most chilling examples of delayed wallet theft, a crypto user lost $908,551 in USDC after approving a malicious transaction over a year ago. The attacker bided their time, waiting until the wallet was flush with funds — then drained it in minutes. The worst part? This isn't an isolated case.

How It Works:

This scam is called an “approval phishing attack.” Here's the breakdown:

1. Bait Phase (April 2024): The victim is tricked into signing a malicious transaction. This doesn’t transfer any tokens yet — it just gives the scammer permission to move tokens later.
2. Wait Phase (458 Days): The scammer monitors the wallet, patiently waiting for the victim to deposit a large sum — in this case, two transactions totaling over $900K in July 2025.
3. Strike Phase: Once the wallet is full, the scammer executes the pre-approved transfer, stealing the entire balance. The victim sees their wallet emptied instantly.

Who’s Targeted:

This attack can target anyone with a non-custodial crypto wallet — but it's especially aimed at:

• Crypto investors who use dApps or DeFi platforms
• NFT traders who frequently sign approvals
• Users who rarely check or manage token permissions

Real-Life Example:

The victim unknowingly gave approval to a malicious contract in 2024. After nearly 15 months, the attacker drained the wallet using a well-known address: pink-drainer.eth, infamous for delayed wallet drains. This method has become a calling card among seasoned Web3 scammers.

Why You Should Care:

Approval-based scams are invisible until it’s too late. The approval transaction looks harmless. No funds move. There’s no alert. And then — one day — you wake up broke.

Once a token approval is granted, the attacker doesn't need your seed phrase to rob you. They already have the keys to that specific token — you gave it to them when you clicked “Approve.”

If you’ve ever interacted with a suspicious airdrop, sketchy NFT mint site, or “too good to be true” DEX, you might have granted a malicious approval too.

How to Protect Yourself:

Here’s what you can do today to stop a slow-drip crypto heist:

1. Check your token approvals regularly
   Use tools like Etherscan Token Approval Checker or Revoke.cash to monitor and revoke permissions you no longer need.
2. Don’t blindly click “Approve” on dApps or DeFi platforms
   Know what you’re agreeing to. If a site asks for infinite token approval, think twice.
3. Use a burner wallet for risky interactions
   If you're minting from unknown sites or exploring new DeFi platforms, use a separate wallet with limited funds.
4. Follow known scam trackers
   Sites like Scam Sniffer and web3 security experts on X (formerly Twitter) flag suspicious dApps early.
5. Enable wallet alerts
   Some wallets (like Rabby or Fire) offer real-time transaction alerts and risk warnings before approvals.

Quick Tips & Updates

Quick Tip #1: Did you know? Some scam approvals are set to “infinite spend,” meaning they can drain your account again later — even after one successful attack.

Pro Tip: Bookmark and regularly check revoke.cash to clean up old permissions. Think of it as antivirus for your wallet.

In July alone, scammers stole $142 million in crypto through at least 17 separate attacks. These aren’t small-time hackers — these are organized, patient, and often AI-powered criminals.

Stay safe, stay informed.

Keywords Defined:

• Approval Phishing Attack: A scam where a user is tricked into giving token access (without knowing it), letting the attacker steal tokens later.
• USDC (USD Coin): A popular stablecoin pegged to the US dollar, widely used in crypto transactions.
• dApp: Decentralized application — an app built on a blockchain like Ethereum.
• Revoke Tool: A utility that lets users view and remove token spending permissions from their wallet.
• Pink-drainer.eth: A known scam-linked Ethereum wallet involved in high-profile phishing and drain attacks.
• Non-custodial Wallet: A crypto wallet where the user, not a third party, controls the private keys (e.g., MetaMask).
• Token Approval: A permission that allows smart contracts to transfer tokens on your behalf.

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