Remitano Crypto Exchange Faces Security Breach, Losing $2.7 Million in Cryptocurrencies
A well-coordinated attack has resulted in a major security breach for Remitano Crypto Exchange, leading to a loss of approximately $2.7 million across various cryptocurrencies. The attack was first noticed on September 14 when significant withdrawals and suspicious activities were detected on the exchange, catching the attention of blockchain analytics networks.
Remitano Exchange Hacked
Cyvers Alerts, a network focused on identifying suspicious activities on blockchains, raised an alarm regarding unusual transactions involving Remitano exchange. Remitano is a peer-to-peer crypto exchange popular in emerging markets such as Pakistan, Kenya, Venezuela, and more.
Cyvers Alerts discovered the alert on September 14 when Remitano’s wallet began making large crypto transfers worth $2.7 million. The suspicious transactions included $1.4 million in Tether, $208,000 in USD Coin, and Ankr tokens valued at $2,000.
Tether froze the $1.4 million USDT following the alarm on these transactions to prevent further losses. However, Remitano has not yet responded to inquiries about the attack or disclosed details of the stolen coins.
Are North Korean Hackers Involved?
This attack has raised concerns about the involvement of North Korean hackers in these suspicious activities. Another crypto exchange network, CoinEX, was recently hacked and lost $27 million. Additionally, a gambling site called Stake suffered losses totaling $41 million.
In total, these recent attacks have resulted in losses exceeding $95 million within a short period of time. Earlier this month, CertiK revealed that approximately $1 billion had been stolen from crypto projects through hacks since the beginning of the year.
Hot Take: Rampant Hacks Raise Concerns for Crypto Security
The recent security breaches and losses suffered by Remitano Crypto Exchange, CoinEX, and Stake highlight the ongoing vulnerability of the crypto industry to hacking attacks. These incidents not only result in significant financial losses but also raise questions about the security measures implemented by these platforms.
As the crypto market continues to grow, it is crucial for exchanges and other crypto-related platforms to prioritize robust security protocols to protect user funds. Additionally, industry-wide collaborations and information sharing can help identify and mitigate potential threats posed by hackers.
While cryptocurrencies offer numerous advantages, their decentralized nature makes them attractive targets for hackers. It is essential for users to exercise caution and take necessary precautions such as using secure wallets and practicing good cybersecurity hygiene to safeguard their digital assets.
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