Blockchain Security Firm Says Pink Drainer Responsible for $4.4 Million LINK Exploit

cryptonews.com:

Cryptocurrency hacking group, Pink Drainer has been linked to the recent $4.4 million LINK user drain, increasing the number of their victims to 9,068 with a total of $18.7 million stolen.

According to on-chain analytics firm Etherscan, another user has fallen victim through an increased allowance transaction. The user was drained of about 275,700 LINK worth approximately $4.4 million from two separate transactions.

another victim lost $4.4 million worth of LINK to phishing scams about 2 hours ago.https://t.co/B4Z3yWrH7e https://t.co/6n6m0lZQK4 pic.twitter.com/6zSWTp8G6d

— Scam Sniffer | Web3 Anti-Scam (@realScamSniffer) December 29, 2023

The first flagged transaction was 68,925 LINK to Pink Drainer as noted by Etherscan while a subsequent transaction of 206,775 LINK was sent to another wallet.

Several analysts have confirmed the incident and highlighted the need for more vigilance as the hacking group has been linked to more scams in the past adding that some accounts might be vulnerable.

Reddit user jbtravel84 gave an analysis on the issue flagging wallets linked to the incidents warning funds are getting swapped to Ethereum (ETH) and moved into intermediary addresses adding that a little more investigation might reveal the culprits behind the wallets.

According to the analysts, the hacker is linked to a popular hacking group that has carried out multiple scams previously. The incident has sparked outrage among users in the industry calling for more disclosure and on holders to exercise extra caution.

Scam Sniffer has noted that Pink Drainer is responsible for the theft and marked 10 fraudulent websites linked to the hacking group in the last 24 hours. It is still unclear how the victim began interacting with the fraudulent