Yet another hack shakes the crypto ecosystem.
Remitano, a peer-to-peer cryptocurrency exchange popular in emerging markets, has allegedly become a new target for hackers after several irregular withdrawals drained the firm of $2.7 million.
Blockchain analytics firm Cyvers has flagged the transactions as potentially malicious, leading some to suspect a hack.
Did you know?
Want to get smarter & wealthier with crypto?
Subscribe - We publish new crypto explainer videos every week!
What is Ethereum & What is it Used For? (Animated Explanation)
On the afternoon of September 14th, around 12:45 PM, unusual activity was detected on a Remitano hot wallet. The wallet sent various cryptocurrencies, including $1.4 million in Tether (USDT), $208,000 in USD Coin (USDC), and $2,000 in Ankr tokens to a previously inactive address.
Following the alert from Cyvers, Tether took immediate action and froze a part of the stolen assets at the receiving address. In total, Tether managed to freeze $1.4 million in USDT.
As of now, Remitano has not released any official statement concerning the situation. Serving a range of countries from Pakistan to South Africa, Remitano specializes in peer-to-peer transactions and has built a strong user base in developing nations.
This incident comes on the heels of a series of recent crypto exchange hacks. According to US authorities, the Lazarus Group, a cybercrime organization believed to be connected to the North Korean government, is behind a series of attacks. This group has been implicated in recent security breaches, including the $41 million theft from the Stake gambling platform on September 4th and a $55 million CoinEx heist on September 12th.
While the Remitano situation remains under investigation, the prompt intervention from Tether has managed to safeguard a portion of the user funds involved in the questionable transactions. Amidst a surge in crypto exchange hacks in 2023, market participants remain on high alert, underscoring the importance of robust security measures.
