Remitano exchange allegedly hacked for $2.7M. Frozen by Tether $1.4M

On September 14, the cryptocurrency exchange Remitano encountered a series of significant withdrawals in circumstances that have raised suspicions of a potential security breach. Approximately $2.7 million worth of cryptocurrencies were withdrawn in what appeared to be highly irregular transactions. Tether, a leading stablecoin provider, took swift action by freezing an address associated with the alleged attacker, safeguarding approximately $1.4 million worth of customers’ digital assets.

The incident unfolded around 12:45 pm when a Remitano hot wallet initiated transfers to an address with no prior transaction history. The transferred funds included roughly $1.4 million in USDT (Tether), $208,000 in USDC (USD Coin), and 104,000 Ankr tokens, valued at approximately $2,000 at that time.

The blockchain analytics platform Cyvers was among the first to raise concerns about these suspicious transactions, prompting attention from the broader cryptocurrency community.

In response to the potential threat, Tether acted swiftly by freezing the suspicious address. This proactive measure prevented the attacker from liquidating the USDT holdings, thereby securing $1.4 million worth of the cryptocurrency. As of now, Remitano has not issued an official statement regarding the incident, leaving the crypto community eager for more information.

Remitano is recognized as a peer-to-peer cryptocurrency exchange and payment processor, with a specific focus on serving users in emerging markets. Its presence extends to countries such as Pakistan, Ghana, Venezuela, Cambodia, Kenya, Malaysia, India, South Africa, Vietnam, and Nigeria.

This security incident adds to a concerning trend of cryptocurrency exchange breaches in 2023. Many of these incidents have resulted in the exposure of private keys and the theft of user funds. U.S. authorities have attributed these attacks to the Lazarus Group, a cybercrime organization allegedly associated with the North Korean government. Notably, the group is suspected of pilfering $41 million from the gambling platform Stake on September 4 and orchestrating a $27 million heist from Coinex on September 12.

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