ERC20Risks

💸 $908K Stolen from a Wallet… 458 Days After the Initial Hack

What happened:
Back on April 30, 2024, a user unknowingly authorized a malicious ERC-20 token approval—likely through a phishing scam or fake airdrop. This gave the attacker ongoing access to move USDC from the wallet without ever needing the private key.

The delay:
For nearly 15 months, the wallet remained mostly empty—until July 2, 2025, when two large deposits hit:

$762,397 from a MetaMask address

$146,154 from Kraken

Just 10 minutes later, the attacker drained the entire $908,551 in a single transaction at 4:57 a.m. UTC.

Who did it:
The theft has been linked to pink-drainer.eth, a known wallet that exploits lingering token approvals to stealthily drain funds from compromised wallets.

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🛡 Key Lessons on Crypto Security

Risk What to Learn

Token approvals are permanent Old permissions stay active unless manually revoked.
Attackers play the long game They wait patiently for big deposits before making their move.
You don’t need to lose your private key to lose everything A signed approval alone is enough to empty your wallet.

> “Regularly check and revoke outdated approvals—your wallet security is in your hands.” — Scam Sniffer

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✅ What You Should Do Right Now

Audit token approvals: Use tools like Etherscan’s Token Approval Checker to spot and revoke old or risky permissions.

Use hardware wallets or multisig for holding large amounts—these add critical layers of protection.

Enable 2FA (Multi-Factor Authentication) on all crypto accounts and wallets.

Stay informed: July 2025 alone saw over $142 million stolen across 17 publicized hacks and scams.

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🔍 Bottom Line:
Phishing damage isn’t always instant—wallets can sit vulnerable for months or years. Don’t assume inactivity means safety. Stay proactive: review, revoke, and secure your wallet before it’s too late.

#CryptoSecurity #WalletSafety #ERC20Risks #JulyCryptoThefts #RevocationIsProtection