Crypto Exchange Remitano Experiences Suspicious Withdrawals
On September 14, crypto exchange Remitano witnessed large withdrawals under suspicious circumstances, leading some blockchain analysts to suspect a possible hack. Approximately $2.7 million worth of cryptocurrency was withdrawn through these transactions. Fortunately, Tether froze one of the addresses used by the attacker, potentially safeguarding $1.4 million worth of customers’ crypto.
Details of the Suspicious Transactions
At around 12:45 pm, a known Remitano hot wallet initiated transfers to an address with no previous history. The transfer included approximately $1.4 million worth of Tether (USDT), $208,000 worth of USD Coin (USDC), and 104,000 Ankr tokens (valued at $2,000 at the time). Blockchain analytics platform Cyvers raised an alert about these suspicious transactions.
ALERT: Our ML-driven system has detected multiple anomalous transactions with @remitano exchange, resulting in a total loss of $2.7M across 3 chains. We contacted the team to halt any additional losses and initiate efforts to recover suspected stolen funds #CyversAlert
pic.twitter.com/lug03WzNh9
— Cyvers Alerts (@CyversAlerts) September 14, 2023
Tether’s Intervention and Remitano’s Response
Tether took action by freezing the address associated with the attacker to prevent them from cashing out the USDT. This move effectively halted the further movement of $1.4 million in drained crypto. However, Remitano has not yet released an official statement regarding the incident.
About Remitano and Recent Exchange Hacks
Remitano is a peer-to-peer crypto exchange and payment processor that primarily serves users in emerging markets. It caters to countries like Pakistan, Ghana, Venezuela, Cambodia, Kenya, Malaysia, India, South Africa, Vietnam, and Nigeria.
In 2023, there has been an increase in crypto exchange hacks resulting in the theft of private keys and funds. The Lazarus Group, believed to have connections with the North Korean government, is allegedly responsible for these attacks. They reportedly stole $41 million from gambling site Stake on September 4 and drained $27 million from Coinex on September 12.
Hot Take: Heightened Concerns over Crypto Exchange Security
The recent suspicious withdrawals from Remitano highlight the ongoing challenges faced by crypto exchanges in terms of security. With cybercrime organizations like the Lazarus Group targeting these platforms, it is crucial for exchanges to strengthen their security measures and remain vigilant against potential threats. Users must also exercise caution and consider storing their funds in secure wallets to mitigate the risk of such incidents.
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