Remitano Hack Explained

Remitano Hack Explained


2 min read

The latest platform to fall victim is Remitano, a renowned crypto exchange that recently reported a significant security breach. The breach resulted in a suspicious withdrawal of approximately $2.7 million in cryptocurrencies.

Behind the Breach

On September 14, around 12:45 UTC, a known Remitano hot wallet initiated transfers to an address with no prior transaction history. This transaction involved about $1.4 million in Tether (USDT), $208,000 in USD Coin (USDC), and 104,000 Ankr tokens, equivalent to $2,000 at the time.

In a swift response, Tether froze the address, effectively halting any further movement of the USDT. This action safeguarded $1.4 million of the drained crypto, preventing further losses.

A Broader Perspective

Remitano, which primarily serves emerging markets, is not the only platform to face such challenges. 2023 has seen a series of crypto exchange hacks, many attributed to the Lazarus Group, a cybercrime organization believed to have ties to the North Korean government. Their activities this year have reportedly led to the theft of over $200 million worth of cryptocurrencies.

Lessons from the Incident

The Remitano hack, along with other recent cyberattacks on Stake and CoinEx, brings to light the escalating threat posed by state-sponsored entities like the Lazarus Group. These sophisticated actors, believed to have ties to national governments, are targeting the crypto industry with increasing frequency and precision. As the digital currency landscape continues to expand, it becomes paramount for exchanges and users to recognize the magnitude of threats from state-backed actors and to proactively bolster their defences against such adversaries.

Rivanorth is a global boutique Web3 cybersecurity company. We specialise in smart contract audits and blockchain security advisory. Visit to find out more.

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