Tether Comes to Rescue as Remitano Exchange Suffers a $2.7 Million Hack

  beincrypto.com 17 m

Tether has frozen the wallet address of the hackers after they drained around $2.7 million from the Remitano crypto exchange.

This month, there have been multiple instances of hacks on centralized exchanges. The Remitano exchange becomes the latest target of hackers.

Hackers Transferred Funds to HitBTC Exchange

The blockchain security platform Cyvers Alerts first informed the users about suspicious withdrawal transactions from the Remitano exchange. Further, blockchain analytic firm PeckShield mentioned that Tether has frozen two addresses on Ethereum (ETH) and TRON blockchain.

Out of the total stolen funds, around $1.4 million consisted of USDT. Hence, Tether’s action must have potentially saved the amount of money from further being transferred. However, the hackers have already swapped USDC and Ankr for ETH and transferred it to the HitBTC exchange.

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The flow of funds stolen from the Remitano exchange. Source: X (Twitter)

The community appreciated the prompt action from Tether. Also, on Aug. 1, the USDT issuer blocked scammers’ addresses after they stole $20 million through a zero-transfer attack.

Remitano Exchange Assures Users Post Hack

Remitano updated users about the incidents and took responsibility for the safety of users’ funds. The team wrote on X (Twitter):

“By far, we guarantee that your assets are still fully protected and will not be subjected to any unexpected losses by this incident.”

However, a community member has raised concerns, highlighting the amount. They replied to Remitano:

“You guys have been hacked for $2.7M and you are claiming that all the assets are safe?”

In its forum, Remitano cited that the hack was due to a compromise of sensitive information. However, it has not elaborated more on the specifics of “sensitive information.”

The exchange is further investigating the matter. Meanwhile, it has transferred users’ funds to cold wallets to enhance security.

BeInCrypto has reached out to Remitano Exchange but has yet to hear back.

Since early September, there have been multiple incidents of hacks on centralized platforms. On Sept. 4, BeInCrypto reported that hackers stole around $41 million from crypto betting platform Stake.

Then, on Sept.12, crypto exchange CoinEx became the victim of a $27 million hack. Blockchain experts believe North Korea’s Lazarus Group is responsible for this incident.

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