On September 14, cryptocurrency exchange Remitano saw odd large-scale withdrawals, prompting some blockchain researchers to assume that the network had been hacked.
Remitano Exchange May Have Been Hacked
On September 14, cryptocurrency exchange Remitano saw odd large-scale withdrawals, prompting some blockchain researchers to assume that the network had been hacked. The questionable transactions resulted in the withdrawal of around $2.7 million in bitcoins. Tether, on the other hand, took action by freezing one of the addresses reportedly used by the attacker, potentially protecting $1.4 million in customer crypto.
The issue occurred when a known Remitano hot wallet initiated transfers to an address with no prior transaction history. The new address received around $1.4 million in Tether (USDT), $208,000 in USD Coin (USDC), and 104,000 Ankr tokens (worth $2,000 at the time). Cyvers, a blockchain analytics platform, brought attention to these suspicious transactions.
Tether stopped the address to prevent the attacker from cashing out the USDT, essentially blocking the movement of $1.4 million in drained cryptocurrency. Remitano has yet to issue an official statement about the event.
Remitano is a peer-to-peer cryptocurrency exchange and payment processor based in Pakistan, Ghana, Venezuela, Cambodia, Kenya, Malaysia, India, South Africa, Vietnam, and Nigeria.
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