Cryptocurrency exchange platform Remitano experienced a suspicious large-scale withdrawal on September 14th, leading some blockchain analysts to conclude that the exchange may have fallen victim to a hack. A total of $2.7 million worth of cryptocurrencies was withdrawn through suspicious transactions. Tether has frozen an address that is believed to have been used by the attacker.
Around 19:45 UTC, a 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 $2,000 worth of Ankr tokens were transferred to this new address.
Blockchain analysis platform Cyvers alerted the cryptocurrency community about these suspicious transactions.
Tether subsequently froze the address to prevent the attacker from converting USDT into fiat currency, preventing the further withdrawal of the $1.4 million worth of cryptocurrencies. Remitano has not yet issued an official statement regarding the incident.
Remitano is a peer-to-peer cryptocurrency exchange and payment processor that focuses on emerging markets. It serves users in countries such as Pakistan, Ghana, Venezuela, Cambodia, Kenya, Malaysia, India, South Africa, Vietnam, and Nigeria.