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Crypto Hacker “PinkDrainer” Launders $5.9 Million: Are Your Funds Safe?

In the last update of his atrocious cyber theft, the scammer  “PinkDrainer” started the process of channelling the stolen money through 5 different addresses, all this just to avoid tracking.  The total amount of money undetected by the tracing system after the five transfers is nearly $5.9 million.

The audacity of this act qualifies the threat of sophisticated cyber practitioners to the crypto world. 

Elaborate Money Shuffle

As per the reports, the computer PinkDrainer put together a complex swap with all the digital assets to five different addresses, which subsequently addressed the large amounts of money to another wallet.

Of importance, with a net of 600 ETH worth $2 million already being funnelled through Railgun, this presumed platform might have been the one PinkDrainer used to conduct illegal activities. 

The detection of numerous phishing cases connected with the PinkDrainer campaign signals a ferocious series of these attacks aimed at victimising unwary crypto users. 

It’s a Phishing Epidemic!

The whole situation of PinkDrainer goes to the point when the mess starts to lay low on the victims again and again. One victim, identified through the address [0x32d1777d2b5f07a4f8746fb0b8ad1283cfacfe72], suffered a loss of $271,000 worth of digital assets in a single transaction. 

Additionally, another victim ([0xa1b18428c2b82d14a8f66f9295bdd9a2a1f89c11] has been confronted with a serious misfortune whereby they have lost 208,000 USDC as a result of malice from PinkDrainer. 

The stolen USDC and WBTC tokens have been systematically swapped to ETH and stored in PinkDrainer’s address [0x7df839911cc8d738b8303a1cf94f1b9a0a6ac8c1]. The on-chain analysis provides an example which indicates the strength of a scheme mastered by this prominent crypto thief, ready for missions with obfuscation of the sources of stolen money. 

The Need to Ramp Up Vigilance

Authorities and security experts are closely monitoring the situation. It’s crucial for crypto platforms and individuals to remain vigilant and implement robust security measures to protect against such criminal activities.

Also Check Out : Crypto Hack Report Q1 2024: Trends, Losses, and Recovery Efforts

With PinkDrainer still on the loose, will authorities crack the case? Stay tuned for further updates.

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