Trader loses $908K to 458-day-old fake transaction

Source Cryptopolitan

A crypto user has fallen victim to a sophisticated wallet-draining scam, losing $908,551 in USD Coin (USDC) nearly 16 months after unknowingly authorizing a malicious smart contract. Onchain data reveals the approval transaction was signed on April 30, 2024 — but the theft occurred much later, on August 2, 2025.

This incident marks yet another alarming breach in the crypto space. The attack began with an ERC-20 approval transaction, likely embedded in a fake airdrop or a spoofed legitimate-looking website. The victim unknowingly signed the transaction, granting the scammer access to their funds.

Scammer strikes 458 days later as dormant wallet springs to life

The scammer’s wallet had a disreputable pink-drainer.eth address, “0x67E5Ae”, where the stolen $908,551 worth of USDC stablecoin was received. The attack was carried out on August 2 at 4:57 AM UTC, according to Scam Sniffer’s X post. This was 458 days, just after the victim accidentally approved a transaction that appeared to be legit on April 30, 2024. 

The unexpected attack has raised security concerns among crypto users. To address this, Scam Sniffer, a firm that keenly monitors malicious activities in the crypto space, called for the urgency of digital asset users taking caution before approving the transactions. 

According to the firm, users should check their approvals often. For the old ones, they should cancel them to avoid exposing their funds to scammers, emphasizing the importance of their wallet security.

In the highlighted case, the compromised wallet had only seen minimal, low-value transactions up until a month before the theft, making it unlikely to attract immediate attention from scammers.

The user decided to move $762,397 into a wallet with the address 0x6c0eB6 from a MetaMask wallet on July 2 at 8:41 PM UTC. 

Ten minutes later, the user transferred another $146,154 in USDC to the same wallet from a Kraken account. 

At this time, the scammer was monitoring the movement of the funds, waiting for the right time to attack while giving the user more time to see if she or he could add more funds to the wallet. The attack took place on August 2.

Crypto fraud attack raises tension among investors 

Investigators noted that the scammer used tactics typical of a phishing approval attack, closely monitoring the victim’s transactions before executing the theft.

Following such attacks, crypto authorities included stricter measures users should take while approving transactions. For example, they have introduced Etherscan’s Token Approval checker for Ethereum users, enabling them to review and cancel any token approval that is not needed. However, each cancellation process is charged a gas fee.

Meanwhile, research from sources reveals that in July alone, the total stolen funds amounted to more than $142 million in the crypto ecosystem. This involves at least 17 attacks, with crypto exchange CoinDCX suffering the highest losses.

Still, crypto users are worried about the security of their funds. Some have highlighted that this scammer has not been identified and arrested, which makes them even more worried. Others have called for more security measures to be effected.

Get seen where it counts. Advertise in Cryptopolitan Research and reach crypto’s sharpest investors and builders.

Disclaimer: For information purposes only. Past performance is not indicative of future results.
placeholder
Weekly Market Wrap: Broadcom kept the AI boom alive — but oil and iron ore hit the ASXBroadcom kept the AI boom alive this week, while weaker oil and iron ore prices weighed on the ASX. Catch up on the key market moves, major drivers and risks across tech, commodities and Australian stocks, and see what traders should watch next.
Author  Mark Garro
21 hours ago
Broadcom kept the AI boom alive this week, while weaker oil and iron ore prices weighed on the ASX. Catch up on the key market moves, major drivers and risks across tech, commodities and Australian stocks, and see what traders should watch next.
placeholder
The US Dollar Has Lost 97% of Its Value Since 1913: Is Bitcoin the Way Out?Since the Federal Reserve was created in 1913, the US dollar has lost about 97% of its purchasing power, according to the Bureau of Labor Statistics CPI-U.A 1913 dollar buys roughly 3 cents’ worth of
Author  Beincrypto
21 hours ago
Since the Federal Reserve was created in 1913, the US dollar has lost about 97% of its purchasing power, according to the Bureau of Labor Statistics CPI-U.A 1913 dollar buys roughly 3 cents’ worth of
placeholder
McDonald’s India Drama Erupts While Wall Street Targets 24% Stock RallyMcDonald’s India deleted a run of posts from its verified X (Twitter) account on Sunday. Written in the first person, they claimed an unpaid intern was owed ₹60,000, then promoted a meme coin.The dram
Author  Beincrypto
21 hours ago
McDonald’s India deleted a run of posts from its verified X (Twitter) account on Sunday. Written in the first person, they claimed an unpaid intern was owed ₹60,000, then promoted a meme coin.The dram
placeholder
Bitcoin Is Backed by Nothing? Peter Schiff Revives Old WarPeter Schiff reopened the Bitcoin-backing debate this weekend, arguing that the energy consumed by miners leaves nothing behind to support the asset.Schiff answered Bitcoin maximalist Jeff Swanson, wh
Author  Beincrypto
21 hours ago
Peter Schiff reopened the Bitcoin-backing debate this weekend, arguing that the energy consumed by miners leaves nothing behind to support the asset.Schiff answered Bitcoin maximalist Jeff Swanson, wh
placeholder
Apple's First Foldable iPhone Headlines John Ternus's September 9 KeynoteApple will hold its first major product keynote under new chief executive John Ternus on September 9. A foldable iPhone is expected to headline the event at Apple Park in Cupertino.Tim Cook became App
Author  Beincrypto
21 hours ago
Apple will hold its first major product keynote under new chief executive John Ternus on September 9. A foldable iPhone is expected to headline the event at Apple Park in Cupertino.Tim Cook became App
goTop
quote