Remitano, a peer-to-peer crypto exchange, has been hacked for over $2.7 million worth of cryptocurrencies. The hack occurred on September 10, when an unknown attacker exploited a vulnerability in the exchange’s smart contract on the Binance Smart Chain (BSC) network.
According to a statement from Remitano, the hacker was able to bypass the exchange’s security checks and withdraw funds from users’ wallets without their consent. The hacker stole over 1,000 BNB, 200 ETH, and 23 BTC, as well as other tokens such as USDT, BUSD, and USDC. The total value of the stolen funds was estimated at over $2.7 million at the time of the hack.
🚨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#CyversAlert pic.twitter.com/lug03WzNh9— 🚨 Cyvers Alerts 🚨 (@CyversAlerts) September 14, 2023
Remitano said that it has notified the relevant authorities and is working with other exchanges and blockchain platforms to track and recover the stolen funds. Remitano also said that it would compensate all affected users for their losses and that it had fixed the vulnerability that led to the hack.
Tether Took Action in Response to the Attack
One of the platforms that Remitano contacted was Tether, the issuer of the USDT stablecoin. Tether confirmed that it has frozen about $33,000 worth of USDT that were involved in the hack, as part of its standard procedure to prevent further illicit activity. Tether said that it is cooperating with law enforcement and other stakeholders to assist in the investigation.
Remitano is a crypto exchange that operates in over 30 countries, including Vietnam, Nigeria, Malaysia, Cambodia, and India. It allows users to buy and sell cryptocurrencies directly with each other, using local currencies or other payment methods. The exchange claims to have over 2 million registered users and over $600 million in monthly trading volume.
The hack of Remitano is one of the latest incidents that highlight the security risks of crypto exchanges and smart contracts. Users are advised to exercise caution when using such platforms and to store their funds in secure wallets.
