If a hacker steals 416K in stable coins, swaps to Ethereum, and the price of those assets rises another 100k, who keeps the additional funds? Assuming, in the unlikely scenario the funds do get recovered.

Last week a victim lost 416K in USDT and USDC to Pink Drainer.

Below are the wallets affected

0x8b5fecb541512d95bc8a535b11c33f3c1b4d34f5 – VICTIM
0x9fa7bb759641fcd37fe4ae41f725e0f653f2c726 – Pink Drainer (takes a 15 – 25% cut) 0x4d41b10656be748e17b1f3851b8f95be1781e91f – Scammer

The USDT and USDC were swapped to ETH. All of the funds appear to be sitting in this wallet – 0x532ba989a4aA5D2E2A4a6752c5eD7d249F6bb1E5 (Now worth over 505k with the recent rise of Ethereum)

Above is a look inside 0x4d41b10656be748e17b1f3851b8f95be1781e91f.

About Pink Drainer

I’ve talked about the rise of Pink Drainer in previous posts. Pink Drainer is a threat group primarily using phishing tactics to drain victims wallets across many different chains. Additionally, this group has been known to use social engineering to take over influencer social media accounts.

It’s relatively easy for the scammer/hacker to setup a malicious website with Pink Drainer code. This particular victim was targeted with an approval phishing scam. According to Chainalysis, victims have lost over $1 Billion to approval scams since May of 2021.

Above is credit to Scam Sniffer

Since April of 2023, Pink Drainer has stolen over31M across 11,785 victims.

Thanks for reading!

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