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, hasย evolved the latest victim of a hack. On September 14, 2023, the exchange lost approximately $2.7 Million worth of digital currencies.
Tetherย (USDT) Prevents Further Losses
The hack tookย place when one of Remitanoโs 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 Tetherย (USDT), USD Coin (USDC), and Ankr tokens.
Nonetheless, Tetherย (USDT) took action by freezing the alleged hackerโs 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 inย chargeย of this incident. Theย team isย well-known for its engagementย in numerous hacks throughout 2023 and is believed to be working with the North Korean government.
About Remitano
Remitano is a peer-to-peer centralized cryptocurrency exchange and payment processor that concentratesย 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 Groupโs Hacks in 2023
The Lazarus Group has been inย chargeย of plentyย 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. Regardlessย of Cyversโ 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. Theย 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. Regardlessย of efforts from blockchain analytics corporations like Cyvers and intervention from Tetherย (USDT), hackers are still able to exploit vulnerabilities and steal wholeย lotย 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 digitalย currencies continue toย win popularity, it is critical for users and exchanges similar to prioritize security protocols and stay vigilant against probable threats.
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