On Sept 14, Remitano exchange detected suspicious transactions across Ethereum and TRON blockchains, resulting in a $2.7 million loss. Swiftly, Tether froze the alleged attacker’s addresses, potentially saving 2.7 million USDT. The attacker exchanged stolen USDC and Ankr for 163 ETH and transferred them to HitBTC on Ethereum. Remitano managed to freeze 1.4 million USDT on Ethereum and 537,000 USDT on TRON, protecting user assets.
Initial Detection
On Sept 14, the Remitano exchange detected multiple suspicious transactions involving its platform. These transactions targeted the exchange’s wallets on both the Ethereum and TRON blockchains, leading to a substantial loss of $2.7 million. The exchange promptly initiated an investigation.
Tether’s Intervention
Tether (USDT) played a pivotal role in mitigating the incident. They swiftly froze two addresses on both the Ethereum and TRON blockchains, which the attacker allegedly used. This timely response potentially saved 2.7 million USDT.
Hack Details
- Ethereum Suspicious Address (Frozen): https://etherscan.io/address/0x74530e81e9f4715c720b6b237f682cd0e298b66c
- Ethereum Transaction Link (Frozen): https://etherscan.io/tx/0x99ad9f25df9c2597de9c8ac159f7f4d4f7139ffba0da945c4ee088f33da274e8
- TRON Suspicious Address (Frozen): https://tronscan.org/#/address/TEDNf1aqk8YJEUdNH9NRd4MqibZmdP49Fm
Ethereum Transactions
On the Ethereum blockchain, the attacker executed several transactions:
Stolen Tokens:
The attacker swapped stolen USDC and Ankr tokens for approximately 163 ETH, valued at around $264,000.
Transfer to HitBTC:
Subsequently, the attacker transferred these ETH to the HitBTC exchange, likely attempting to obfuscate the origins of the stolen funds.
Frozen Funds on Ethereum and TRON:
Remitano successfully froze the stolen USDT funds on both the Ethereum and TRON blockchains, ensuring the protection of user assets.
- Frozen USDT on Ethereum (1.4 million USDT)
- Frozen USDT on TRON (537,000 USDT)
The Remitano exchange security breach underscores the persistent risks within the cryptocurrency ecosystem. Despite the significant loss of $2.7 million, swift actions by Tether, Remitano, and community members helped mitigate further damage.
This incident highlights the importance of robust security measures and user vigilance when using cryptocurrency exchanges. It also showcases the dedication of the cryptocurrency community to maintaining the integrity of the ecosystem. Nonetheless, it emphasizes the ongoing need for improvements in security practices across the industry.