Remitano Exchange Loses $2.7 Million in Alleged Hack
In the midst of the challenges faced by cryptocurrency exchanges in 2023, Remitano, a centralized cryptocurrency exchange, has evolved the latest victim of a hack. On September 14, 2023, the exchange lost approximately $2.7 Million worth of digital currencies.
Tether (USDT) 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 cryptocurrency community about the incident. The attacker received $2.7 Million worth of digital assets, including Tether (USDT), USD Coin (USDC), and Ankr tokens.
Nonetheless, Tether (USDT) 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 in charge of this incident. The team is well-known for its engagement in numerous hacks throughout 2023 and is believed to be working with the North Korean government.
Remitano is a peer-to-peer centralized cryptocurrency exchange and payment processor that concentrates 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 in charge of plenty of major hacks in 2023, totaling nearly $200 Million and accounting for approximately 20% of all cryptocurrency hacks this year.
On September 4, the group stole over $41 Million from the cryptocurrency casino Stake but the platform quickly resumed operations, assuring users that their funds were unaffected.
On September 12, CoinEx experienced a substantial hack believed to be orchestrated by the Lazarus Group. Regardless of Cyvers’ warning, the group managed to steal over $27 Million worth of cryptocurrency 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 cryptocurrency exchanges to avoid transactions with these addresses.
Since its establishment in 2009, the Lazarus Group has stolen over $2.3 Billion in cryptocurrency assets. The team 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 outlines the ongoing security concerns faced by cryptocurrency exchanges in 2023. Regardless of efforts from blockchain analytics corporations like Cyvers and intervention from Tether (USDT), hackers are still able to exploit vulnerabilities and steal whole lot of amounts of digital assets.
The involvement of the Lazarus Group, a trending cybercrime organization, further emphasizes the need for increased security measures and participation between authorities and exchanges. As digital currencies continue to win popularity, it is critical for users and exchanges similar to prioritize security protocols and stay vigilant against probable threats.
Bitro Conwell stands as an intellectual architect, weaving together the roles of crypto analyst, meticulous researcher, and editorial virtuoso with finesse. Amidst the digital intricacies of cryptocurrencies, Bitro’s insights resonate harmoniously with seekers of all stripes, showcasing a profound understanding. His ability to untangle the most complex threads within the crypto landscape seamlessly pairs his their editorial finesse, transforming intricacy into an artful tapestry of comprehension.