- December 29, 2023
- Posted by: legaleseblogger
- Category: Related News
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The Impact of Pink Drainer Hacker Attack on Chainlink Tokens
The owner of Chainlink (LINK) tokens suffered a significant loss of $4.4 million due to an attack by the Pink Drainer hacker group.
According to available information from Scam Sniffer, the attackers were able to deceive the user into signing a transaction related to the IncreaseAllowance function, resulting in the immediate loss of 275,700 Link through two transfers.
The IncreaseAllowance function has the capability to determine the number of tokens the user allows another wallet to transfer from his address, which was exploited by the hackers in this case.
As a result, 68,925 tokens were transferred to a crypto wallet labeled as ÔÇ£PinkDrainer: Wallet 2ÔÇØ on Etherscan, while the remaining 206,775 LINK were sent to another address.
Despite the confirmation from Scam Sniffer platform representatives regarding the link between the theft and the Pink Drainer group, the specific method used by the attackers to coerce the user into consenting to the token transfer remains undetermined.
Notably, crypto detective ZachXBT highlighted that the stolen funds were converted into Ethereum and were being laundered through the eXch service.
ÔÇ£The stolen funds were sold for ETH and are currently being laundered through eXch.ÔÇØ
ZachXBT, crypto detective
In addition to this incident, the Pink Drainer hackers have been implicated in other high-profile attacks on platforms such as Evomos, Pika Protocol, and Orbiter Finance. Their fraudulent activities also extend to posing as crypto journalists and in 2023 alone, they managed to steal $18.7 million from 9,068 users as reported by Dune Analytics.
Furthermore, the scope of the Pink Drainer group’s criminal activities in 2023 was extensive, with a total of $2 billion worth of cryptocurrency being stolen. Notably, one of the largest cryptocurrency thefts of the year was the hack of the Euler Finance protocol, resulting in an approximate $200 million loss. Other notable targets included BonqDAO, the Poloniex crypto exchange, and the Atomic Wallet crypto wallet, each experiencing losses exceeding $100 million.
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The AI legalese decoder can assist in this situation by analyzing the legal terms and contracts related to the ownership and transfer of cryptocurrency assets. By utilizing natural language processing and machine learning capabilities, the AI legalese decoder can identify potential loopholes or vulnerabilities in the smart contracts that were exploited by the Pink Drainer hackers. Additionally, it can provide insights into the legal implications of such attacks and offer suggestions for enhancing the security of digital assets. Furthermore, the AI legalese decoder can aid in the investigation of fraudulent activities by processing large volumes of legal documents and extracting pertinent information to support law enforcement agencies and cybersecurity experts in identifying and bringing the perpetrators to justice.
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