![Remitano exchange allegedly hacked for .7M; .4M frozen by Tether Remitano exchange allegedly hacked for .7M; .4M frozen by Tether](https://i0.wp.com/images.cointelegraph.com/images/1200_aHR0cHM6Ly9zMy5jb2ludGVsZWdyYXBoLmNvbS91cGxvYWRzLzIwMjMtMDkvYWMyZDhhYmQtYTk2Ny00MzY3LTgzZDUtNTNjNTQ5NjQyNTI3LmpwZw==.jpg?fit=%2C&ssl=1)
On September 14, cryptocurrency exchange Remitano experienced large withdrawals under suspicious circumstances, leading some blockchain analysts to conclude that the exchange may have been hacked. A total of $2.7 million worth of cryptocurrency has been withdrawn through suspicious transactions. Tether froze an address allegedly used by the attacker, potentially saving customers $1.4 million worth of cryptocurrency.
Around 12:45 p.m., a known Remitano hot wallet began sending funds to an address with no history. Approximately $1.4 million worth of Tether (USDT), $208,000 worth of USD tokens (USDC), and 104,000 Ankr tokens (worth $2,000 at the time) moved to the new address.
Blockchain analytics platform Cyvers has alerted the crypto community about suspected suspicious transactions.
Alert Our ML driver system has detected
Multiple abnormal transactions @remitano
exchange, resulting in a total loss of $2.7 million across 3 transactions
chain.We contacted the team to prevent any additional damage
and began efforts to recover the allegedly stolen funds.#CyversAlert pic.twitter.com/lug03WzNh9— Cyvers Alerts (@CyversAlerts) September 14, 2023
Then tether freeze The address was designed to prevent attackers from cashing out USDT, preventing further transfers of $1.4 million in depleted cryptocurrency. Remitano has yet to issue a statement regarding the incident.
Remitano is a peer-to-peer cryptocurrency exchange and payments processor focused on emerging markets. It serves users in Pakistan, Ghana, Venezuela, Cambodia, Kenya, Malaysia, India, South Africa, Vietnam, and Nigeria.
2023 saw a series of cryptocurrency exchange hacks, resulting in private keys being leaked and funds stolen. U.S. authorities claim the attacks were carried out by the Lazarus Group, a group believed to be linked to the North Korean government. The group allegedly stole $41 million from gambling site Stake on September 4 and $27 million from Coinex on September 12.
This is a developing story and more information will be added as it becomes available.
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