Remitano Exchange Gets Exploited for $2.7M

Remitano Exchange Gets Exploited for $2.7M
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The Remitano crypto exchange has recently experienced large withdrawals under a series of suspicious circumstances. Not too long after the exploit, it came to light that a total of $2.7 million worth of crypto tokens were suspiciously withdrawn from the Remitano exchange. However, Tether managed to freeze one of the addresses the hacker used and managed to save a sum of almost $1.4 million worth of customers’ crypto.

At approximately 12:45 p.m., a known Remitano wallet was seen to be sending funds to an address with no prior history. Tether tokens accounting for almost $1.4 million, $208,000 worth of USDC tokens, along with 104,000 ANKR tokens were allegedly sent to the unknown address. Furthermore, the blockchain analytics platform, Cyvers, sent an alert to the crypto community about the recent exploit on the Remitano exchange. The exchange’s team is working diligently to halt additional losses and is simultaneously initiating efforts to recover these stolen funds.

Remitano Becomes the Latest Hacking Victim

Remitano Becomes the Latest Hacking Victim

Immediately after the hack, Tether froze the addresses suspected to be associated with the hacker to prevent the exploiter from cashing out USDT. This quick move prevented almost $1.4 million worth of crypto from moving any further. However, as of yet, Remitano has not released a statement publicly about the suspicious withdrawals. The exchange is a peer-to-peer crypto exchange and payment processor that focuses primarily on emerging markets. It serves most of its users in Asia along with African countries.

It is a fact that crypto exploits witnessed in 2023 so far have been on the higher side, and all of these resulted in leaked private keys along with stolen funds. The recent development makes Remitano the newest victim of these widespread attacks.

Most analysts along with US-based authorities claim that the Lazarus group is the mastermind behind these widespread attacks. The group is a cybercrime organization that is believed to have ties with the North Korean government. It is widely believed that these stolen funds are utilized to fund the country’s nuclear weapons program. Last week, the group allegedly stole $41 million from Stake, along with $27 million from CoinEx.


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