Major USDT Theft from Binance Hot Wallet
Hackers recently made off with more than $27 million in USDT from a Binance hot wallet. According to ZachXBT, an on-chain researcher, the victim’s address was linked to a Binance deployer wallet that generates smart contracts.
The stolen USDT was quickly converted to Ethereum (ETH) and then sent to instant exchanges like FixedFloat or ChangeNow. The hackers also used the decentralized cross-chain liquidity protocol THORChain (RUNE) to bridge to Bitcoin (BTC), according to ZachXBT.
ZachXBT explains that the hackers will probably deposit the funds into a mixer or send them to a sketchy service next as part of the laundering process. The affected Binance wallet was created in late 2021 and received the 27 million USDT from two Binance addresses earlier this month.
Top Stablecoin Targeted
USDT is the leading stablecoin by market cap, issued by Tether and pegged at 1:1 to the US dollar. This theft follows a recent hack where $125 million worth of crypto, including ETH, Tron (TRX), and BTC, was stolen from the crypto exchange Poloniex.
Hot Take
It’s alarming how hackers continue to exploit vulnerabilities in hot wallets, posing significant risks to crypto security and investor funds. The ease with which stolen assets are laundered through various platforms highlights the need for better safeguards against these illegal activities within the crypto space.
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