cryptolosses

In a shocking example of delayed crypto theft, one user lost 908,551 USDC after unknowingly authorizing a malicious token approval more than a year ago. The funds were drained from the victim’s wallet on August 2, 2025, exploiting an ERC-20 token approval signed on April 30, 2024.
458 Days Between Approval and Exploit
According to on-chain data, the attacker—linked to the wallet address 0x67E5Ae, labeled pink-drainer.eth—executed the wallet drain exactly 458 days after receiving smart contract permissions. The victim had likely interacted with a deceptive dApp or fake airdrop site that embedded the malicious approval.
Scammer Waited for High-Value Deposits
Security firm Scam Sniffer confirmed that the attacker used a common phishing method and waited until the wallet accumulated large deposits before executing the exploit. On July 2, 2025, the victim transferred 762,397 USDC to a MetaMask wallet, followed by another $146,154 to a Kraken-linked address. These transfers made the wallet a high-value target, prompting the scammer to act.
Until then, the wallet had only handled small transactions—likely why it remained under the radar.
Experts Urge Users to Revoke Token Approvals
This incident highlights the ongoing risks surrounding persistent token approvals in DeFi and Web3. Experts strongly recommend routinely checking and revoking unnecessary permissions using tools like Etherscan’s Token Approval Checker or Revoke.cash.

While revoking approvals does incur gas fees, cybersecurity professionals stress that the cost is minimal compared to the potential for massive losses. In July 2025 alone, over $142 million was stolen across 17 attacks—the largest being on crypto exchange CoinDCX.

With the scammer still unidentified, this case serves as a stark reminder: crypto users must stay vigilant and proactive about wallet security.

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