Has Binance Recently Experienced a $27 Million Stablecoin Loss Due to a Security Breach?

Has Binance Recently Experienced a $27 Million Stablecoin Loss Due to a Security Breach?

The Alleged Binance Hack

Reports suggest that cryptocurrency exchange Binance may have lost $27 Million worth of stablecoins to a hack, as indicated by cryptocurrency investigator ZackXBT.

Unending Hacks in the Cryptocurrency World

Hacks remain prevalent in the digital asset sphere, with incidents occurring almost every week, resulting in the loss of varying sums of cryptocurrencies.

A Suspected Binance Wallet

The alleged hack appears to have targeted one of Binance’s wallets, considered the largest cryptocurrency exchange by volume of trading. If confirmed, this hack would indicate a whole lot of accomplishment for the individual or group behind it.

It is speculated that $27M USDT was stolen and quickly exchanged for Ethereum (ETH), transferred to numerous services, and further bridged to Bitcoin (BTC) via THORChain. pic.twitter.com/SgEBwyZZSc

— ZachXBT (@zachxbt) November 12, 2023

On his Twitter account, ZackXBT suggested that the transaction hash of the hack was 0x0f2183c8e415e61b4ad7774bf1097019eb2d5b85798a2a229070495131d60321, which, when searched on Etherscan, revealed a transfer of $27,071,365 in Tether (USDT) out of the suspected “Binance deployer” wallet.

Singapore Monetary Authority Grants CMS and RMO License to Digital Asset Exchange DigiFT

Rapid Dispersion of Funds

ZackXBT likewise pointed out that the stolen USDT was swiftly converted to Ethereum (ETH), then transferred to multiple services, including FixedFloat and ChangeNow, before being bridged to Bitcoin (BTC) via THORChain.

Several Twitter users raised questions about the recent funding of the wallet and the rationale behind holding such a substantial sum in a hot wallet.

It is essential to note that the reported hack and its association with Binance have not been confirmed. More information is expected to emerge as the situation develops.

Breaking News: Official Reveal of Grand Theft Auto 6, Unveiling the First Trailer

Hot Take: Implications of the Alleged Binance Hack

The reported hack, if confirmed, could have far-reaching consequences for Binance’s security measures and reputation within the cryptocurrency community. The incident underscores the persistent vulnerability of digital assets to malicious activities and the pressing need for robust security protocols.

Author – Contributor at | Website

Cyrus Dailey stands as a luminary gracefully weaving the roles of crypto analyst, tenacious researcher, and editorial artisan into a captivating narrative of insight. Amidst the intricate world of digital currencies, Cyrus’s perspectives resonate like finely tuned melodies, captivating curious minds from a myriad of perspectives. Her ability to decipher complex threads of crypto intricacies melds seamlessly with her editorial finesse, transforming intricacy into a harmonious composition of understanding.

Significant 172% Price Surge Experienced by Energi Post Co-Founder Interview
Read Disclaimer
This page is simply meant to provide information. It does not constitute a direct offer to purchase or sell, a solicitation of an offer to buy or sell, or a suggestion or endorsement of any goods, services, or businesses. Lolacoin.org does not offer accounting, tax, or legal advice. When using or relying on any of the products, services, or content described in this article, neither the firm nor the author is liable, directly or indirectly, for any harm or loss that may result. Read more at Important Disclaimers and at Risk Disclaimers.

Subscribe to our Social Media for Exclusive Crypto News and Insights 24/7!

Email me the hottest Crypto news!

Latest Crypto News

Share via
Share via