Crypto Wallet Breach After 15 Months: $900K Lost from Forgotten Approval

Crypto Phishing Attack Uncovered: $900,000 Stolen After 458 Days of Patient Waiting

In a chilling reminder of the persistent threats lurking in the crypto ecosystem, a user has reportedly lost over $900,000 in a long-term phishing attack that exploited an unrevoked smart contract approval—signed a staggering 458 days ago. The breach, first uncovered by blockchain security tracker ScamSniffer and later confirmed by multiple on-chain analysis sources, has shocked the crypto community for both its scale and the sheer patience demonstrated by the attacker.

Source: X

A New Breed of Crypto Crime: Long-Game Phishing

This wasn’t your typical hit-and-run scam. Instead, it was a masterclass in subtlety, persistence, and calculated timing. The attack began silently in May 2024 when the victim unknowingly approved a malicious smart contract, likely while interacting with a decentralized application (DApp), NFT marketplace, or DeFi platform. That approval remained dormant—harmless on the surface—for nearly 15 months.

Then, in August 2025, the attacker struck.

Leveraging the forgotten token approval, the scammer used a sophisticated “crypto drainer” to quietly siphon $908,551 in USDC from the user’s wallet. There were no signs of brute force hacking or compromised private keys—just an old approval that had never been revoked.

The Wallets Involved

• Victim Wallet: 0x6c0eB6ef6409d7c7AF129aE9D1B5E3e9Ffb8d8aF

• Scammer Wallet: 0x67E5Ae3E1Ad16D4c020DB518f2A9943D4F73d6eF

• Total Loss: $908,551 in USDC

• Approval Dated: 458 days prior to the drain event

The breach underscores a growing trend in phishing attacks that rely less on technical intrusion and more on behavioral patterns and forgotten permissions.

Source: X

Anatomy of the Exploit: What Really Happened?

Unlike typical wallet hacks that involve guessing seed phrases or deploying malicious browser extensions, this attack was built on previously granted permission. That’s what makes it all the more dangerous.

When users interact with blockchain applications, they often unknowingly give broad permissions to smart contracts, including the ability to move funds. Unless those permissions are manually revoked, they stay active—sometimes indefinitely.

The attacker in this case exploited the following oversights:

• A lingering approval to a malicious contract that was never rescinded

• No use of wallet security tools like Revoke.cash or Etherscan Token Approval Checker

• A lack of regular wallet audits and permission reviews

Security experts note that over 70% of crypto losses stem from similar oversights—specifically unrevoked approvals left open for exploitation.

Not a Fluke—A Growing Trend

This attack is not an isolated case. In recent months, phishing collectives like Pink Drainer and Inferno Drainer have been adopting similar long-game strategies. They often collect wallet approvals using fake token giveaways, malicious airdrop platforms, or phony NFT mints—and then wait.

They wait for victims to accumulate assets. They wait until attention has drifted away from the approval. And when the time is right, they strike.

Source: X

This strategy is proving remarkably effective. In a market where most users check their wallet security infrequently—if at all—it’s only a matter of time before such permissions are weaponized.

The Real Danger: Passive Approvals

The fundamental flaw lies in the way smart contract permissions are managed. When users connect to a platform and sign an approval, they often don’t realize what they’ve authorized. In many cases, these approvals:

• Allow unlimited token withdrawals

• Are not automatically revoked when the user stops using the platform

• Can be accessed by anyone who controls the approved smart contract

Security professionals argue that unless platforms build in auto-expiration for approvals—or wallets prompt users for routine permission reviews—this problem will only get worse.

Wallet Hygiene is the New Must-Have

If there’s one takeaway from this case, it’s this: Wallet hygiene is no longer optional.

Users must actively manage their permissions. Just as one would review app permissions on a smartphone, crypto users need to routinely audit their smart contract approvals.

Here’s how to protect yourself:

1. Use tools like Revoke.cash or Etherscan Token Approval Checker to see which smart contracts have access to your tokens.

2. Cancel approvals for platforms you no longer use.

3. Never sign approvals from unknown sources or suspicious DApps.

4. Limit approvals to specific amounts instead of giving “infinite” permissions.

5. Regularly review your wallet’s activity, especially if you interact with new platforms or conduct airdrop claims.

A Wake-Up Call for the Web3 Ecosystem

This attack comes at a time when the Web3 world is expanding rapidly. With more users entering DeFi, gaming, NFTs, and crypto on Telegram, the need for intuitive wallet security measures has never been greater.

While some platforms have begun implementing time-limited approvals or one-time signatures, the vast majority still leave it up to users to manage their permissions. This is a problem—and one that will lead to more multi-million dollar losses unless addressed.

Final Thoughts: It Could Happen to Anyone

Perhaps the most terrifying part of this attack is its relatability. The victim didn’t fall for a new scam. They weren’t tricked yesterday. They simply made one mistake more than a year ago and forgot about it.

In a world where everything on-chain is permanent, that kind of oversight can be devastating.

As the crypto landscape evolves, so too must our approach to security. A few minutes spent checking permissions today could save hundreds of thousands tomorrow. The attackers are playing the long game—it’s time users started doing the same.

Writer @Ellena

Ellena is an experienced crypto writer who loves to explore the intersection of blockchain technology and financial markets. She regularly provides insights into the latest trends and innovations in the digital currency space.

 

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