Pink Drainer Falls Victim to $30,000 Address Poisoning Scam, MistTrack Reports

Pink Drainer, a notorious organization that drains individuals' wallets, appears to have been the victim of an "address poisoning" scheme.

Notorious crypto-draining group Pink Drainer has fallen victim to an “address poisoning” scam, losing 10 Ether (around $30,000). The attack, reported by MistTrack, saw the group tricked into sending funds to a fake wallet address that closely resembled their own.

Pink Drainer Falls Victim to $30,000 Address Poisoning Scam, MistTrack Reports

MistTrack, a crypto compliance platform, alerted X to the attack in a post on July 7. The hacking group lost 10 Ether to the scam in late June, which at current prices is equivalent to around $30,000 — the funds were sent to a false wallet address.

In an interview with Cointelegraph, MistTrack explained that an address poisoning scam is a technique where an attacker sends a small amount of cryptocurrency to one of the target’s regular wallets from an address that has a similar identifier, in a bid to trick the target into sending funds to the wrong wallet.

“Scammers have bots that look for new transactions. Since they can’t crack the code on the whole address, it’s possible to make the first and last few characters look similar to the address being used,” MistTrack said.

“So the scammer is banking on the victim to [copy the] scam address instead of the victim’s original address,” they added. Pink Drainer Loses 10 ETH to Scam After Announcing Service Discontinuation; Other Toolkits Still Active

In this case, the attackers sent funds from a wallet address that had an identifier nearly identical to Pink Drainer’s previous wallet, which tricked Pink Drainer into sending 10 ETH to the fake address.

The incident comes just one month after Pink Drainer made the surprise announcement that it was discontinuing its services, having achieved its stated goal of helping to drain over $85 million in crypto assets.

According to data from Dune Analytics, Pink Drainer has seized $85.3 million in cryptocurrency since July 2023.

While Pink Drainer may have shut down its operations, several other drainer toolkit services are active, helping bad actors to steal crypto assets. These include Angel Drainer, Pussy Drainer, and Venom Drainer.

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