Undesired link on spam website.

I don't suppose there's anything I can do about this, but is there any good way to deal with an unsolicited link on a spam website? I have no idea how my site got linked here, but I noticed a drop in Google rankings on the exact day this link appeared (I found out about it through Google Sitemaps).

The offending domain is:

voo­r­ooja­hcuek­a­h­jo dot com

Nothing shows up at the domain, but if you search for

"site:http://www.voo.... .com"

you will find various other pages from this domain. There seem to be hundreds/thousands of pages on this domain, mostly interconnected -- full of spam links and text that has no real value.

Am I correct that there's nothing I can do but wait until the page goes down for my rankings to recover?

 

btw, I already reported the pages as spam to Google and Yahoo.

 

Not worth bothering.
Your lost rankings are with highest probability unrelated to this (though for 100% it could be told only after proper research)

 

Right now most people say a link from a bad site does not hurt rank. The only time you hurt your sites rank is when you link to a bad site.

 

if you think that they are spam, you must report them to google