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 crypto exchange Binance may have lost $27 million worth of stablecoins to a hack, as indicated by crypto investigator ZackXBT.

Unending Hacks in the Crypto 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 seems to have targeted one of Binance’s wallets, considered the largest crypto exchange by trading volume. If confirmed, this hack would indicate a significant accomplishment for the individual or group behind it.

It is speculated that $27M USDT was stolen and quickly exchanged for ETH, transferred to various services, and further bridged to Bitcoin 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.

READ NOW
Cardano prime for breakout! 🚀🔥 Invest now 🤑

Rapid Dispersion of Funds

ZackXBT also noted that the stolen USDT was swiftly converted to ETH, then transferred to multiple services, including FixedFloat and ChangeNow, before being bridged to Bitcoin 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.

Hot Take: Implications of the Alleged Binance Hack

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.

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

READ NOW
Crypto expert reveals top picks for massive gains! 🚀💰
Author – Contributor at Lolacoin.org | Website
READ NOW
JPMorgan warns of ‘subdued’ crypto VC funding 👀🔻

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. Guiding both seasoned explorers and curious newcomers, Cyrus’s insights serve as a compass for well-informed decision-making amidst the ever-shifting tides of cryptocurrencies. With the artistry of a linguistic virtuoso, they craft narratives that enrich the evolving tapestry of the crypto landscape.