A recent cryptocurrency theft case involving a crypto investor highlights the risks associated with long-term transaction approvals.
The Fraud Scheme and Execution
The attacker obtained approval for access to the victim's wallet on April 30, 2024, likely during interaction with a fake airdrop or spoofed website. After 458 days, on August 2, 2025, they executed the theft, transferring the entire amount to a wallet labeled pink-drainer.eth.
Analysis of the Attacker's Actions
On-chain data shows that the victim had recently moved $762K from MetaMask and another $146K from Kraken into the compromised address. This provided the scammer with a reason to act, having waited for a sufficient balance in the wallet before executing the theft.
Safety Recommendations for Users
Security analysts at Scam Sniffer emphasized that old token approvals can remain active indefinitely. They recommend users regularly review and revoke unnecessary permissions using tools like Etherscan's Approval Checker, even if it incurs gas costs.
The case of the cryptocurrency theft underscores the importance of careful management of approvals and subscriptions to assets in digital wallets to avoid losses.
