Key takeaways:
- The cryptocurrency exchange Remitano reported significant withdrawals under unusual circumstances; the exchange may have been hacked.
- Tether then froze the address to stop the attacker from withdrawing USDT, preventing the transfer of $1.4 million of the drained crypto.
On September 14, the cryptocurrency exchange Remitano reported significant withdrawals under unusual circumstances, leading some blockchain researchers to speculate that the exchange may have been hacked.
Through the shady transactions, a total of $2.7 million in cryptocurrency has been taken out. One of the addresses the alleged attacker used has been frozen by Tether, potentially safeguarding users’ cryptocurrency valued at $1.4 million.
A well-known Remitano hot wallet started sending funds to an address that didn’t have any history. The Tether, $208,000 in USD Coin, and 104,000 Ankr tokens, each worth $2,000 at the time, were transferred to the new address, totaling almost $1.4 million.
The cryptocurrency community has been informed about the allegedly odd transactions by blockchain analytics firm Cyvers. Additionally, Peckshield warned of this incident, adding:
“Remitano exchange experienced suspicious transactions, as over $2.7M was drained from its wallet on #Ethereum and #TRON. Tether has frozen 2 addresses on both #Ethereum and #TRON”
Tether then froze the address to stop the attacker from withdrawing USDT, preventing the further transfer of $1.4 million of the drained cryptocurrency. Remitano hasn’t yet made a remark about what happened.
A peer-to-peer cryptocurrency exchange and payment processor with an emphasis on developing economies is called Remitano. In addition to Pakistan, Ghana, Venezuela, Cambodia, Kenya, Malaysia, India, South Africa, Vietnam, and Nigeria, it also services consumers in those countries.
In 2023, there were numerous crypto exchange breaches that resulted in the release of private keys and the theft of money. The Lazarus Group, a cybercriminal organization thought to have connections to the North Korean government, is allegedly responsible for these attacks, according to American investigators. The group is accused of stealing $27 million from Coinex on September 12 and $41 million from the gambling website Stake on September 4.
