Tether Saves the Day: Remitano Exchange Hackers Foiled in $2.7 Million Heist

Tether's quick action saves $1.4 million in USDT after hackers steal $2.7 million from Remitano crypto exchange. The hackers managed to transfer funds to HitBTC exchange despite Tether's intervention. Remitano assures users of fund safety and investigates the incident.

Posted 8 months ago in Security

A hacker wearing a black hoodie

Tether sprung into action when hackers stole approximately $2.7 million from the Remitano crypto exchange. By freezing the hackers' wallet address, Tether potentially prevented the further transfer of $1.4 million in USDT. This incident is part of a larger trend of centralized exchange hacks in recent weeks.

Cyvers Alerts, a blockchain security platform, alerted users about suspicious withdrawal transactions from Remitano. PeckShield, a blockchain analytics firm, reported that Tether froze two addresses on the Ethereum and TRON blockchains. Of the stolen funds, $1.4 million was in USDT, which Tether's action likely safeguarded.

The hackers, however, managed to swap USDC and Ankr for ETH and transferred it to the HitBTC exchange. Despite this, the community praised Tether for its prompt response.

Remitano assured users that their assets were secure and that they were taking responsibility for the incident. The exchange mentioned that the hack occurred due to a compromise of sensitive information but did not provide further details.

In response to this hack and others in the industry, Remitano has transferred users' funds to cold wallets for enhanced security. The investigation into the matter is ongoing.

This hack follows recent incidents where hackers targeted other centralized platforms, such as the $41 million theft from a crypto betting platform Stake and the $27 million hack on CoinEx. Experts speculate that the Lazarus Group, associated with North Korea, is responsible for the CoinEx hack.

Last updated 9/16/2023, 1:05:19 AM


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