Search
Search
Crypto News: $27M Crypto Hack Hits Binance Linked Wallet

Massive $27M Crypto Hack Hits Binance-Linked Wallet

0
0

228 Listen to this article In a major blow to the cryptocurrency ecosystem, a crypto wallet associated with Binance has […]

Latest News

Listen to this article

In a major blow to the cryptocurrency ecosystem, a crypto wallet associated with Binance has been compromised in what appears to be a meticulously executed hack. The assailants targeted the wallet, making off with a substantial $27 million in Tether stablecoins (USDT). The incident, exposed by renowned on-chain investigator ZachXBT, has sent shockwaves through the crypto community.

The Heist Unveiled

The breach came to light when ZachXBT, leveraging on-chain analysis, detected the sudden disappearance of funds from the Binance-connected wallet. The targeted assets, exclusively comprised of Tether stablecoins, were siphoned off in an intricate attack that unfolded over the course of the last few days.

Laundering Through the Cryptoverse

In a sophisticated money laundering operation, the stolen funds underwent a convoluted journey through various protocols. ZachXBT’s meticulous investigation reveals that the perpetrators strategically converted the pilfered Tether stablecoins into Ethereum (ETH) by exploiting multiple services in the crypto ecosystem.

THORChain: The Gateway to Bitcoin

The climax of this digital heist saw the ill-gotten gains being seamlessly bridged to Bitcoin via the decentralized liquidity protocol, THORChain. This strategic move adds a layer of complexity to tracking and recovering the stolen assets, as decentralized protocols like THORChain are designed to facilitate swift and pseudonymous transactions.

Binance Connection: A Key Element

Adding another layer of intrigue to the incident is the fact that the compromised wallet had recently received funds from a Binance withdrawal, just seven days prior to the attack. Furthermore, historical data from May 2019 reveals that the same wallet had received a substantial sum from a wallet identified by Etherscan as a Binance smart contract deployer address. This connection raises questions about the potential link between past activities and the present breach.

Read Also:  Mr. 100 Bitcoins Unmasked: The Enigma Behind the Digital Curtain

Industry Implications

This high-profile breach underscores the ongoing challenges and vulnerabilities within the cryptocurrency space, emphasizing the critical need for robust security measures. As the industry continues to evolve, stakeholders and regulatory authorities will likely scrutinize this incident closely. Efforts to trace and recover the stolen funds are expected to be underway, amplifying the urgency for enhanced security standards across the crypto landscape.

For the Latest Crypto News follow the Coinography and Subscribe our YouTube channel or follow us on social media platforms like Twitter, Facebook, Instagram and LinkedIn.

Read Also:  Tether Teams Up with Telegram for USDT Payment Launch
0 0 votes
Article Rating
Subscribe
Notify of
guest
0 Comments
Inline Feedbacks
View all comments

Get Latest Updates

Latest News

Web Stories

Latest News

0
Would love your thoughts, please comment.x
()
x
Scroll to Top
Crypto Whale Splurges $10.4 Million on Meme Coin PEPE SOL Price Nearing Support as On-Chain Activity Dips for Solana Penguiana Meme Coin’s Presale Achieves Success, Raising 290 SOL Solana to Bitcoin Bridge, Zeus Network, Set for Debut in Q3 2024 DeFi Lending Leader Aave Unveils V4 Protocol Overhaul MicroStrategy (MSTR) Incurs Losses in Q1 After Digital Asset Impairment Takes Toll Upbit Emerges as Top Five Crypto Exchange, Posing Challenge to Binance, Coinbase Tether’s TON Blockchain Entry Reaches $60M: CEO Content SHIB News: 700M Tokens Burned, Shiba Inu Targets $0.00004 Polkadot Relay Chain Upgrade Plan and 10M DOT Prize Initiative TON Network Surpasses $140M TVL as Toncoin Price Skyrockets Bitcoin Falls Below $60,000 After Israel’s Strike on Iran Ragnarok Joins Web3 via Ronin and Gravity Collaboration Worldcoin Announces “Human Centric” Blockchain: World Chain Dubai Flood Spurs Blockchain Life 2024 Airdrop ZachXBT Reveals Frauds on Ethereum Layer-2 Networks Winklevoss Twins Invest $4.5M BTC in Bitcoin Soccer Club VeChain and UFC Unveil Tokenized Gloves Collaboration Web3 Credentials Platform Galxe Goes Live with Mainnet Launch El Salvador’s Newest Hilton Leverages Tokenized Bitcoin Debt