Remitano Exchanged Hacked For $2.7M

Remitano exchange experiences suspicious withdrawals of $2.7M, prompting Tether to freeze involved addresses and prevent further movement of USDT.

Sep 15, 2023 - 14:58
Oct 18, 2023 - 15:53
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Remitano Exchanged Hacked For $2.7M
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On September 14, the exchange witnessed suspicious withdrawals amounting to approximately $2.7 million, raising alarms about a potential security compromise.

At around 12:45 UTC, a blockchain analytics platform, Cyvers, raised the alarm about suspicious activities linked to Remitano. A recognized Remitano hot wallet began transferring funds to an unfamiliar address. 

This transaction involved $1.4 million in Tether (USDT), $208,000 in USD Coin (USDC), and 104,000 Ankr tokens (valued at $2,000 during the transaction). In a rapid response to this suspicious activity, Tether froze the involved address, effectively preventing any further movement of the USDT and safeguarding a significant portion of the drained assets. 

However, the drama didn't end there. By 3:21 UTC on September 15, more suspicious transactions were reported, further draining funds from Remitano's Ethereum and TRON blockchain wallets.

Tether's proactive stance played a crucial role in this incident. After the suspicious withdrawals, Tether froze two addresses linked to the alleged attacker across Ethereum, BCH, and TRON blockchains. This decisive action ensured the entire $1.4 million worth of USDT was secured. The individual behind these transactions reportedly exchanged the stolen USDC and Ankr tokens for about 163 ETH (approximately $264,000) and moved these funds to the HitBTC exchange.

2023 has seen a disturbing trend of crypto exchange hacks, leading to compromised private keys and significant cryptocurrency thefts. U.S. authorities suspect the Lazarus Group, a cybercrime organization with alleged ties to the North Korean government, to be behind these attacks.

Among the notable incidents is a $41 million hack of the crypto gambling platform Stake. CoinEx, another cryptocurrency exchange, faced a suspected attack resulting in losses exceeding $30 million. Other high-profile hacks targeting Alphapo, CoinsPaid, and Atomic Wallet collectively account for over $200 million in stolen funds in 2023 alone.

Philip Bohmer Philip is a seasoned journalist that brings clarity to the complex world of cryptocurrencies through his articulate and insightful articles. His passion for blockchain technology fuels his writing, making him a trusted voice in the rapidly evolving digital currency landscape.