The Remitano exchange found itself in the spotlight as it encountered suspicious transactions totaling over $2.7 million. This sparked concerns of a possible hack. Tether, taking swift action, froze one of the attacker’s addresses, safeguarding $1.4 million worth of customers’ crypto assets.
Suspicious Transactions Unveiled
At approximately 12:45 pm on September 14th, an unusual event unfolded. A known Remitano hot wallet initiated transfers to an address devoid of any prior history. This abrupt movement of funds amounted to $1.4 million in Tether, $208,000 in USD Coin, and 104,000 Ankr tokens, valued at $2,000 at the time.
Blockchain analytics platform Cyvers promptly raised the alarm within the crypto community regarding these suspicious transactions. This further set off a wave of concern and speculation.
Tether’s Protective Measure
Recognizing the gravity of the situation, Tether swiftly took action by freezing the address associated with the attacker. This decisive move effectively halted the movement of $1.4 million in drained crypto assets, preventing further loss. Remarkably, Remitano has not yet issued an official statement regarding the incident, leaving many questions unanswered.
Remitano: A Brief Overview
Remitano, a peer-to-peer crypto exchange and payment processor, primarily focuses on emerging markets. It caters to users in countries such as Pakistan, Ghana, Venezuela, Cambodia, Kenya, Malaysia, India, South Africa, Vietnam, and Nigeria. This makes it a crucial player in the crypto space within these regions.
A Year of Crypto Exchange Hacks
The year 2023 has seen a disturbing surge in crypto exchange hacks, resulting in leaked private keys and the theft of substantial sums. United States authorities have pointed fingers at the Lazarus Group, a cybercrime organization believed to have ties to the North Korean government.
This group has been linked to multiple high-profile incidents, including the alleged theft of $41 million from the gambling site Stake on September 4th and the draining of $27 million from Coinex on September 12th.
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