Remitano Exchange Loses $2.7 Million in Alleged Hack
In the midst of the challenges faced by crypto exchanges in 2023, Remitano, a centralized crypto exchange, has become the latest victim of a hack. On September 14, 2023, the exchange lost approximately $2.7 million worth of digital currencies.
Tether Prevents Further Losses
The hack took place when one of Remitano’s hot wallets started sending funds to an unknown address with no transaction history. Blockchain analytics firm Cyvers detected these suspicious transactions and alerted the crypto community about the incident. The attacker received $2.7 million worth of digital assets, including Tether USDT, USD Coin (USDC), and Ankr tokens.
However, Tether took action by freezing the alleged hacker’s address, securing around $1.4 million worth of USDT before any further transactions could occur.
Lazarus Group Suspected
Authorities believe that the Korean-based cybercrime organization known as the Lazarus Group is responsible for this incident. The group is known for its involvement in various hacks throughout 2023 and is believed to be working with the North Korean government.
About Remitano
Remitano is a peer-to-peer centralized crypto exchange and payment processor that focuses on serving users in emerging markets such as Pakistan, Ghana, Venezuela, Vietnam, South Africa, and Nigeria. The exchange has not yet released an official statement regarding the alleged hack.
Lazarus Group’s Hacks in 2023
The Lazarus Group has been responsible for several major hacks in 2023, totaling nearly $200 million and accounting for approximately 20% of all crypto hacks this year.
On September 4, the group stole over $41 million from the crypto casino Stake but the platform quickly resumed operations, assuring users that their funds were unaffected.
On September 12, CoinEx experienced a massive hack believed to be orchestrated by the Lazarus Group. Despite Cyvers’ warning, the group managed to steal over $27 million worth of crypto assets from the platform, and subsequent reports suggest they took more than $55 million.
The FBI has released addresses associated with the Lazarus Group and advised crypto exchanges to avoid transactions with these addresses.
Since its establishment in 2009, the Lazarus Group has stolen over $2.3 billion in crypto assets. The group gained notoriety for hacking Sony Pictures Entertainment in 2014, resulting in $35 million in IT repairs.
Hot Take: Remitano Hack Highlights Ongoing Security Concerns
The recent hack suffered by Remitano highlights the ongoing security concerns faced by crypto exchanges in 2023. Despite efforts from blockchain analytics firms like Cyvers and intervention from Tether, hackers are still able to exploit vulnerabilities and steal significant amounts of digital assets.
The involvement of the Lazarus Group, a well-known cybercrime organization, further emphasizes the need for increased security measures and cooperation between authorities and exchanges. As cryptocurrencies continue to gain popularity, it is crucial for users and exchanges alike to prioritize security protocols and stay vigilant against potential threats.
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