Scammer Exploit 458-Day-Old USDC Approval, Drain $908K
For one delayed wahala, one scammer knack $908,551 USDC by using one 458-day-old USDC token gree wey dem sign for April 30, 2024. E be like the person wey the bad man knack token approval from do am because of one phishing site or fake airdrop. The wallet no get anything until July 2, 2025, when $762,397 USDC move go MetaMask and $146,154 land from Kraken. For August 2, 2025, 04:57 UTC, the scammer shift all the money go pink-drainer.eth address. Security people wey be Scam Sniffer detect the yawa and talk say make people dey check their wallet security often and cancel old USDC token approvals to stop future scam dem.
Bearish
One high-profile hack wey exploit 458-day-old USDC token approval dey reduce confidence for USDC security. For short term, traders fit withdraw funds from USDC, wey go increase volatility and fit put pressure for the peg. For long term, platforms and users likely go make approval management and security audits strong, e fit reduce USDC convenience and liquidity. Even though the exploit no directly affect USDC on-chain mechanics, the reduced trust for token approvals fit affect market stability. Overall, the incident bad for USDC price sentiment.