Remitano Exchange Hit by $2.7M Hack, Tether Locks Down $1.4M

Remitano Exchange Hit by $2.7M Hack, Tether Locks Down $1.4M

On Thursday, the Remitano cryptocurrency exchange found itself amidst a security crisis. Over $2.7 million in various digital currencies were suspiciously withdrawn. Significantly, Tether acted swiftly, managing to freeze $1.4 million, thereby protecting a substantial chunk of the assets.

Details of the Remitano Heist

Around 12:45 p.m., an alert was triggered when a known Remitano hot wallet started sending funds to an unfamiliar address. The suspicious transactions comprised $1.4 million in Tether, $208,000 in USD Coin, and Ankr tokens valued at $2,000 at the time. Consequently, Cyvers, a blockchain analytics platform, issued an immediate alert to the crypto community.

North Korean Ties: Lazarus Group in the Spotlight

Furthermore, Remitano, which targets developing countries including Ghana, Cambodia, and India, has not yet issued any formal announcements on the breach. This is not, however, the first cyberattack of its sort this year with a series of cryptocurrency exchange breaches in 2023 that have exposed private keys and significant thefts. 

Moreover, U.S. authorities are attributing these malicious activities to the Lazarus Group, believed to be connected to the North Korean government. In addition to Remitano, the group has reportedly drained $41 million from the Stake gambling platform and another $27 million from Coinex.

Additionally, the sheer magnitude of thefts attributed to the Lazarus Group, including the Stake platform attack, is estimated to have garnered over $200 million this year alone. The Federal Bureau of Investigation (FBI) has urged crypto entities to remain vigilant and refrain from transactions linked to flagged addresses associated with the group.

While digital currencies offer numerous benefits, the potential for high-value thefts remains a concern. As these attacks become more frequent, it underscores the importance of robust security protocols and swift countermeasures to protect investor assets.

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Kelvin is a distinguished writer specializing in crypto and finance, backed by a Bachelor’s in Actuarial Science. Recognized for incisive analysis and insightful content, he has an adept command of English and excels at thorough research and timely delivery.

The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.

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