Crypto User Loses $908K in Delayed Wallet-Draining Scam

A crypto user recently lost $908,551 in USDC after falling victim to a wallet-draining scam more than a year after signing a malicious transaction. According to on-chain data, the approval was signed on April 30, 2024, and the theft occurred on August 2, 2025, exactly 458 days later. The attack stemmed from an ERC-20 token approval transaction, which likely originated from a phishing website or fake airdrop. This transaction gave the attacker’s wallet, identified as “0x67E5Ae,” ongoing access to the victim’s funds. The scammer — believed to be linked to the infamous wallet address pink-drainer.eth — waited patiently for the right moment to strike. Security platform Scam Sniffer shared the incident on X, using the case to urge users to regularly check and revoke old approvals. “Your wallet security matters,” Scam Sniffer emphasized, highlighting the long-term risk of permissions users may forget after a single click. Scam Happens When Funds Are Worth Stealing Until July, the compromised wallet showed minimal activity and held little value. But things changed on July 2 when the victim deposited $762,397 from a MetaMask wallet, followed by another $146,154 from a Kraken account just ten minutes later. With nearly a million dollars now sitting in the vulnerable address “0x6c0eB6,” the attacker had all the incentive needed. The attacker monitored the wallet for a month, confirming no further funds were expected before executing the theft in one swift transaction on August 2 at 4:57 AM UTC. This patient tactic is a hallmark of phishing approval scam cases — attackers often wait months, or even years, until the potential payout justifies the risk and effort. Prevention Tools Exist, but User Vigilance Is Key Experts warn that these scams can be avoided with proper diligence. Tools like Etherscan’s Token Approval Checker allow Ethereum users to view and revoke active token approvals. However, each revocation requires a small gas fee, which discourages some users from maintaining regular approval hygiene. Unfortunately, this incident is part of a broader trend. July alone saw more than $142 million lost to crypto scams and exploits across at least 17 attacks — including the high-profile breach of crypto exchange CoinDCX . As phishing tactics become increasingly sophisticated and patient, the only real defense is consistent vigilance. Revoke old permissions, use hardware wallets, and always double-check transaction prompts — because in crypto, one signature can cost everything. The post Crypto User Loses $908K in Delayed Wallet-Draining Scam appeared first on TheCoinrise.com .