Crypto Wallet Linked to Binance Loses $27 Million in Suspected Attack
An alleged attack on a crypto wallet linked to Binance resulted in the loss of $27 million in Tether stablecoins (USDT) yesterday, according to ZachXBT, a crypto investigator. The funds were then converted to ETH using various protocols and subsequently bridged to Bitcoin via THORChain, based on ZachXBT’s analysis.
The wallet had recently received the funds from a Binance withdrawal just a week ago. Additionally, it also received funds from a wallet identified by Etherscan as a Binance smart contract deployer address in May 2019, as pointed out by ZachXBT.
Binance has not yet provided a response to inquiries from The Block regarding the incident.
Hot Take: Security Breach Highlights Vulnerability of Crypto Wallets
This incident serves as a reminder of the potential security risks associated with crypto wallets and the importance of taking proactive measures to safeguard your digital assets. It also underscores the need for heightened vigilance and due diligence when engaging in transactions within the crypto space. As the industry continues to evolve, it is crucial for users to stay informed and implement robust security measures to protect their investments from potential threats.
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