Tuesday, May 21, 2024

PeckShieldAlert: Remitano Exchange Faces Massive Losses in Suspicious Transactions

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In a recent alarming incident, Remitano Exchange, a well-known cryptocurrency trading platform, has fallen victim to a series of suspicious transactions resulting in the loss of over $2.7 million from its Ethereum and TRON wallets. PeckShield, a blockchain security company, brought attention to the issue with their PeckShieldAlert hashtag on social media. Tether, the popular stablecoin issuer, has taken action by freezing two addresses allegedly used by the attacker, potentially saving 2.7 million USDT.

What Happened?

The hacker behind the attack targeted Remitano Exchange, exploiting vulnerabilities in its security infrastructure. The attacker successfully drained the exchange’s wallets on Ethereum and TRON, resulting in the loss of $2.7 million worth of funds.

On the Ethereum blockchain, the attacker initially stole USDC tokens and Ankr tokens, which were later swapped for approximately 163 ETH, equivalent to around $264,000 at the time. The stolen ETH was then transferred to HitBTC, a cryptocurrency exchange known for its diverse trading options.

Meanwhile, on the Binance Smart Chain (BNB), the hackers laundered approximately 13,000 BNB, amounting to $2.7 million. The funds were routed through an intermediary address, 0x9d5a, before being transferred to various centralized exchanges, including OKX, ChangeNow, MEXC, and Binance itself. Additionally, the hackers utilized privacy-focused services like TornadoCash and SWFT Blockchain to obscure the trail of stolen funds.

Further investigations conducted by PeckShield revealed that the attackers bridged some of the stolen funds to ARB tokens and eventually transferred them out to the BSC Token Hub, a decentralized platform on the Binance Smart Chain.

Tether Steps In:

Tether, the issuer of the popular USDT stablecoin, has taken swift action following these suspicious transactions. They have frozen the two addresses that the attacker allegedly used on both the Ethereum and TRON blockchains. This action has effectively prevented the withdrawal or further movement of the 2.7 million USDT funds, potentially saving them from being laundered further.

The Remitano Exchange incident serves as a stark reminder of the continuous threats faced by the cryptocurrency industry. Hackers constantly seek out vulnerabilities within exchanges’ security systems to exploit them for their own gain. However, the fast response from PeckShield and Tether in freezing the relevant addresses demonstrates the importance of collaboration and vigilant security measures.

Cryptocurrency investors and traders are urged to exercise caution and take necessary steps to safeguard their funds. It is crucial for exchanges and service providers to enhance their security protocols and implement robust measures to prevent such incidents from occurring in the future.

As investigations continue, it is hoped that authorities will be able to trace the origin of these attacks and bring the perpetrators to justice. In the meantime, the industry must remain alert and collaborate to deter cybercriminals and ensure the safety and security of the entire crypto ecosystem.

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