Forgotten Wallet Approval Lets Scammer Drain Over $900,000 in USDC
Main Idea
A scammer stole $908,551 in USDC by exploiting an old token approval signed 458 days earlier, highlighting the risks of forgotten wallet permissions.
Key Points
1. The scammer used a token approval signed on April 30, 2024, to drain $908,551 in USDC from a victim's wallet on August 2, 2025.
2. The victim had unknowingly approved access for another wallet, allowing the scammer to move funds without needing new approvals.
3. The stolen funds were sent to a wallet associated with the group known as pink-drainer.eth.
4. Scam Sniffer reported the incident, emphasizing the importance of wallet security and revoking unnecessary token approvals.
Description
A scammer stole over $900,000 from a crypto wallet by using an old token approval that had been quietly sitting for more than a year, according to the security firm Scam Sniffer.
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