Remitano Exchange Faces Alleged $2.7 Million Hack, Tether Freezes $1.4 Million

Crypto exchange Remitano experienced a series of large withdrawals under highly suspicious circumstances on September 14, leaving the crypto community abuzz with speculation and concerns about a potential hack. Analysts are now piecing together the puzzle of a massive $2.7 million worth of cryptocurrency that was drained from the platform, and the swift actions taken by Tether that potentially saved $1.4 million of customers’ assets.

The alarming incident unfolded at approximately 12:45 pm on September 14 when a known Remitano hot wallet initiated an unusual series of transactions. These funds were sent to an address with no prior history, setting off red flags within the crypto exchange.

The funds in question included $1.4 million worth of Tether (USDT), $208,000 worth of USD Coin (USDC), and 104,000 Ankr tokens, valued at $2,000 at the time. The movement of such a substantial amount of assets to an unfamiliar address raised immediate concerns about the security and integrity of Remitano’s platform.

The blockchain analytics platform Cyvers was quick to respond to these unusual transactions. In a tweet, they sounded the alarm, saying, “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.” Cyvers’ alert sent shockwaves through the crypto community, intensifying worries about the safety of assets on the Remitano platform.

However, amidst the chaos, there was a glimmer of hope for affected Remitano users. Tether, one of the most prominent stablecoins in the crypto market, took swift action to prevent further losses. They froze the address that the attacker allegedly used, effectively preventing the movement of $1.4 million worth of drained crypto. This move by Tether potentially saved a substantial portion of customers’ assets from being lost forever.

Despite these developments, Remitano has remained conspicuously silent regarding the incident. The exchange, known for its focus on emerging markets and its services in countries like Vietnam, Pakistan, Ghana, Venezuela, Cambodia, Kenya, Malaysia, India, South Africa, and Nigeria, has not issued any official statement or comment on the matter.

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