Remitano Crypto Exchange Hack: $2.7 Million Stolen

The Unfolding of the Remitano Hack

On September 14, 2023, the crypto exchange followed a plot twist fit for a tech thriller: a breach that resulted in the shocking withdrawal of $2.7 million. The hot wallet, which we can only assume was feeling a bit too warm, began sending funds to an uncharted address around 12:45 PM. Spoiler alert: it wasn’t a generous giveaway.

Details of the Transaction

Among the funds siphoned off were:

$1.4 million worth of Tether (USDT)
$208,000 worth of USD Coin (USDC)
104,000 Ankr tokens valued at about $2,000

Why the hacker thought it would be wise to send funds to a completely unfamiliar address is anyone’s guess, but thank goodness for blockchain analytics.

Community Alert and Response

Blockchain analytics outfit Cyvers was quick on the scene, giving a shout-out to the crypto community about the suspicious activities. Their alarm bells went off as they detected multiple dodgy transactions flowing from the Remitano exchange.

“Our ML-driven system has detected multiple anomalous transactions with @remitano exchange, resulting in a total loss of $2.7M across 3 chains.”

The detective work on their part was timely, initiating a response to halt further losses and potentially recover the stolen funds.

Tether’s Quick Action

In what can only be described as a superhero moment, Tether swung into action, freezing the address possibly responsible for taking a cool $1.4 million. Whether the hacker was sweating at this point is undecided, but they certainly could feel the digital police breathing down their neck.

Remitano’s Official Statement

Following the incident, Remitano’s team issued a blog post reassuring users that their funds were safe. According to them, a third-party data breach led to the unauthorized withdrawals on their end. They emphatically stated that user funds were unharmed and that operations would resume shortly.

“A small amount of funds… were transferred to suspicious wallet addresses through unauthorized withdrawal transactions.”

For a brief moment, it seemed like all was well in the crypto world—until you realized there’s been a spate of hacks across the board in 2023, with the notorious Lazarus Group allegedly behind them, stealing millions like it was some kind of digital heist film.