Remitano exchange allegedly hacked for $2.7M; $1.4M frozen by Tether

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Crypto exchange Remitano experienced large withdrawals under suspicious circumstances on September 14, with some blockchain analysts concluding that it may have been hacked. A total of $2.7 million worth of crypto has been withdrawn through the suspicious transactions. Tether has frozen one address the attacker allegedly used, potentially saving $1.4 million worth of customers’ crypto.

At approximately 12:45 p.m. on September 14, a known Remitano hot wallet began sending funds to an address with no prior history. Approximately $1.4 million worth of Tether (USDT), $208,000 worth of USD Coin (USDC) and 104,000 Ankr tokens (worth $2,000 at the time) were moved to address 0x74530e81E9f4715c720b6b237f682CD0e298B66C.

Blockchain analytics platform Cyvers has alerted the crypto community about the alleged suspicious transactions.

Tether subsequently froze the address to prevent the attacker from cashing out USDT, which prevented $1.4 million of the drained crypto from being moved any further. Remitano has not yet issued a statement regarding the incident. 

Remitano is a peer-to-peer crypto exchange and payment processor that focuses on emerging markets. It serves users in Pakistan, Ghana, Venezuela, Cambodia, Kenya, Malaysia, India, South Africa, Vietnam, and Nigeria.

There has been a rash of crypto exchange hacks in 2023 that resulted in leaked private keys and stolen funds. U.S. authorities claim that these attacks were caused by the Lazarus Group, a cybercrime organization believed to have ties to the North Korean government. The group allegedly stole $41 from gambling site Stake on September 4 and drained $27 million from Coinex on September 12.

This is a developing story, and further information will be added as it becomes available.



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