Crypto Hack Uno Reverse as Notorious Phishing Group Loses $30K

The malicious phishing group got a bitter taste of its own medicine in a recent cyberattack.

A guy in a pink hoodie and a digital face being robbed by a big purple glitchy hand.
Created by Gabor Kovacs from DailyCoin
  • Phishing group Pink Drainer has ironically fallen prey to their own game.
  • The crypto industry has recorded major losses due to hacks orchestrated by the wallet drainer.
  • The Cardano network recently experienced a similar incident.

From phishing scams to account hacks, the crypto industry is no stranger to malicious actors’ antics. They often sing the same old tune of unfortunate losses for investors and entities alike. However, things get interesting when the hunter becomes the hunted, as was the case with the notorious crypto phishing group Pink Drainer, which recently got a rather sour taste of its own medicine.

Pink Drainer Suffers Crypto Hack

The crypto industry enjoyed a chuckle on July 7, 2024, when blockchain tracking platform MistTrack reported that phishing group Pink Drainer had fallen victim to a cyberattack.

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The attack, which occurred in the form of an address poisoning scam around 18:00 UTC, saw Pink Drainer lose 10 ETH to another attacker when the group accidentally transferred the amount to a fake address designed to imitate its intended recipient.

Transaction details of the crypto hack on Pink Drainer according to MistTrack.
Screenshot

Pink Drainer’s karmic loss of approximately $30,000 interestingly follows its exit from crypto hacks earlier this year. In May 2024, the notorious group supposedly turned a new leaf when it announced the suspension of its operations, promising to never return to the industry, However, the recent mishap has left many in stitches, described as a dose of poetic justice for the havoc wreaked during their operations, which saw funds pilfered from numerous individuals and entities.

A similar Uno Reverse recently occurred in the industry, albeit for a better cause.

Cardano Shuts Hack Attempt 

On June 26, 2024,  a malicious actor attempted a spam attack on Cardano, aiming to crash the network and disrupt its stability. However, the network successfully repelled the attack with its strong security measures, instead causing a loss of funds for the attacker.

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Cardano’s defense against the attempted attack reiterated its position as a stable and reliable network. The attack only minimally impacted overall transaction timings and caused a slight reduction in chain density.

While the spam attack had a very minimal impact, Cardano member organization Intersect announced the coordination of a technical task force to assess the attack and develop solutions to prohibit similar attempts from taking place. The firm also added that upon the conclusion of the investigation and testing of a technical solution, a node upgrade will be distributed to Stake Pool Operators (SPOs) for deployment to further reinforce security.

Several industry players lauded Cardano’s resilience, describing the attacker’s efforts as futile and a mere “donation to the open-source smart contract development work.” 

On the Flipside

  • The crypto industry lost a staggering $300 million to hacks in the first half of the present year.
  • Some community members have highlighted the possibility that Pink Drainer may be testing a new attack tactic.
  • Pink Drainer has stolen funds to the tune of $85 million from thousands of crypto investors.

Why This Matters

Pink Drainer’s $30,000 loss is a typical case of a karmic boomerang, highlighting that even the biggest predators are sometimes not safe from their own schemes. Hopefully, the group’s taste of its own medicine will serve as a turning point and lead them to steer clear of further hacks on the crypto industry.

Read more about the funds lost to crypto hacks so far this year: 
$573M Lost to Crypto Scams and Hacks in Q2: Immunefi

Read this article to find out why the German government is stirring major dump fears across the industry: 
German Govt Moves Biggest Bitcoin Bag Amid Sell-Off Fears

This article is for information purposes only and should not be considered trading or investment advice. Nothing herein shall be construed as financial, legal, or tax advice. Trading forex, cryptocurrencies, and CFDs pose a considerable risk of loss.

Author
Grace Abidemi

Grace Abidemi, a cryptocurrency reporter at DailyCoin, covers industry developments and trends. She previously worked as a freelance writer. With a Bachelor's degree in German Language and certifications in marketing and storytelling, Grace creates engaging content. When not working, she's in Nigeria, mastering cooking and canvas painting, and enjoys learning about different cultures and languages.