- Remitano Exchange suffered a $2.7 million attack from hackers.
- Tether played a huge role by freezing around $1.4 million of the assets involved in the transaction.
Remitano Exchange is an important establishment in the crypto industry. They help in connecting buyers and sellers to make crypto transactions. So, there was a massive hack on this crypto platform.
What is Remitano Exchange?
- Remitano Exchange is a crypto platform that supports the trading of cryptocurrencies. So, this kind of marketplace supports the buying and selling of cryptos through an escrowed Peer-to-peer marketplace. In the P2P marketplace, they allow the buyers and sellers to agree to the sale of cryptocurrencies directly. So, there’s no middleman or intermediary involved in this type of transaction.
- At Remitano Exchange, they allow their users to buy and sell cryptos with either fiat or cryptocurrencies. Furthermore, they are also keen on providing the best environment for buying and selling cryptocurrencies. Something happened, making the P2P platform come short of achieving its goals. So, there was some kind of malicious activity involving as much as $2.7 million of customers’ funds.
How the Hack on Remitano Exchange Happened
- According to many analysts, the malicious transaction on Remitano is a hack. So, the conclusion comes from the fact that the withdrawal process of the funds was very different from normal. What happened is that there was some kind of malicious transaction involving the customers’ funds of Remitano. So, hackers got access to the P2P trading platform. Upon doing this, the hacker started moving many of these funds to another wallet. Furthermore, the total involved in this hacking attempt was around $2.7 million.
- This is quite massive. It is important to note that Remitano Exchange doesn’t have the largest number of customers. So, a hacker moving this enormous amount of funds is quite huge. But Tether came to their rescue in the process.
How Tether Saved Remitano From Severe Damages
- Tether played a crucial role in stopping a bigger catastrophe from happening. One can better understand judging from how this transaction occurred. So, a hot wallet within the Remitano Exchange started sending funds to an address with no prior history.
- There were many cryptocurrencies involved in this transaction. So, they were $1.4 million worth of Tether USDT, $208,000 worth of USD Coin, and 104,000 Ankr tokens. Note that the Ankr tokens involved in this transaction were worth $2,000 then. However, Tether was much quicker as there was an immediate freezing of the wallet receiving the Tether USDT tokens.
Conclusion
The Remitano Exchange is a platform for buying and selling cryptos through an escrowed Peer-to-peer marketplace. However, the new exchange suffered some massive attacks from hackers, leading to an enormous loss of money. Tether.io played a huge role in preventing more damages by freezing around $1.4 million worth of Tether USDT tokens. So, the total amount involved in the hack was around $2.7 million.
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The information provided in this article is for informational purposes only and should not be considered financial advice. The article does not offer sufficient information to make investment decisions, nor does it constitute an offer, recommendation, or solicitation to buy or sell any financial instrument. The content is opinion of the author and does not reflect any view or suggestion or any kind of advise from CryptoNewsBytes.com. The author declares he does not hold any of the above mentioned tokens or received any incentive from the company
