In a year plagued with troubles for crypto exchanges, Remitano, a centralized exchange, became the latest victim of a hack, losing approximately $2.7 million worth of digital currencies on September 14, 2023. This incident highlights the vulnerabilities within the crypto industry and the pressing need for enhanced security measures.

Tether’s Timely Intervention:

The hack occurred around 12:45 PM when one of Remitano’s hot wallets initiated unauthorized transfers to an unknown address with no transaction history. The suspicious transactions were identified by blockchain analytics firm Cyvers, which promptly alerted the crypto community. A staggering sum of $2.7 million worth of digital assets, including Tether USDT, USD Coin (USDC), and Ankr tokens, were stolen.

However, Tether took swift action to halt further losses. By freezing the suspected address, Tether managed to secure approximately $1.4 million worth of USDT, effectively preventing the hacker from converting or transacting with the stolen funds.

The Lazarus Group Connection:

United States authorities have already attributed the hack to the Lazarus Group, a Korean-based cybercrime organization allegedly linked to the North Korean government. This group has been responsible for numerous hacks throughout 2023, causing significant disruption in the crypto world.

About Remitano:

Remitano is a pioneering peer-to-peer centralized crypto exchange and payment processor, catering primarily to users in emerging markets such as Pakistan, Ghana, Venezuela, Vietnam, South Africa, and Nigeria. Despite the incident, the exchange has yet to issue a statement detailing the hack and its impact.

Lazarus Group’s Trail of Attacks:

The Lazarus Group has wreaked havoc in the crypto industry this year, with estimates suggesting they have stolen nearly $200 million in 2023 alone, accounting for approximately 20% of crypto hacks during this period.

Remarkably, on September 4, 2023, the group managed to steal over $41 million from Stake, one of the world’s leading crypto casinos. Although Stake resumed operations swiftly, assuring users that their funds remained unaffected, the incident raised concerns regarding the security standards of crypto platforms.

CoinEx, another crypto exchange, suffered a massive hack attributed to the Lazarus Group on September 12, 2023. Despite Cyvers alerting the platform to halt transactions upon detecting suspicious activities, the group still managed to steal over $27 million worth of crypto. Later reports indicated that the actual amount taken exceeded $55 million.

Addressing the Menace:

In response to the Stake incident, the Federal Bureau of Investigation (FBI) released several addresses associated with the Lazarus Group, urging crypto exchanges to exercise caution and refrain from engaging in transactions with these addresses. The group’s audacious exploits have encompassed a cumulative value of over $2.3 billion in crypto assets since its inception in 2009, gaining notoriety for the 2014 Sony Pictures Entertainment hack, during which it caused extensive damage amounting to over $35 million in IT repairs.

Disclaimer: The information provided in this research report is for informational purposes only and should not be interpreted as financial or investment advice. The NFT and cryptocurrency market is highly volatile, and readers should conduct thorough research before making any investment decisions.