crypto exchange Remitano hacked for over $2.7 million

• A suspicious transaction involving $2.7 million was flagged at Remitano.
• Tether has frozen an address believed to be associated with the attacker.
• The transaction was flagged by Cyvers Alerts, a platform that offers real-time security alerts.

Some suspicious activities have been reported on Remitano, a cryptocurrency exchange platform headquartered in Seychelles. Notably, the platform witnessed substantial withdrawals on September 14, with a single account draining over $2.7 million worth of cryptocurrencies from its wallet.

Tether has taken action by freezing an address believed to be associated with the attacker, potentially safeguarding $1.4 million in customers’ cryptocurrency assets.

What is happening at Remitano?

Around 12:45 p.m. on September 14th, a Remitano hot wallet, allegedly only known to the platform, initiated transfers to an address lacking any prior transaction history.

This transfer comprised approximately $1.4 million worth of Tether (USDT), $208,000 worth of USD Coin (USDC) stablecoins, and 104,000 Ankr tokens, valued at $2,000 at that time. All these assets were moved to the address 0x74530e81E9f4715c720b6b237f682CD0e298B66C1.

Cyvers, a blockchain company, later issued warnings about these suspicious transactions, but Remitano has yet to provide an official statement regarding the incident.

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

we contacted the team to halt any additional losses
and initiate efforts to recover suspected stolen funds#CyversAlert pic.twitter.com/lug03WzNh9

— 🚨 Cyvers Alerts 🚨 (@CyversAlerts) September 14, 2023

The crypto industry is facing increased threats from hackers who continually adapt their tactics to exploit vulnerabilities and pilfer digital assets. As hacking attacks become increasingly sophisticated, companies operating in the crypto sector are strongly advised to modernize their cybersecurity systems to shield themselves from these malicious activities.

To that effect, Nikesh Arora, the CEO of Palo Alto Networks, stressed the rapid evolution of hackers, underscoring the importance of companies proactively bolstering their cybersecurity protocols. In an interview with CNBC’s “Mad Money,” Arora emphasized the necessity for companies to stay one step ahead of hackers.