Hackers reportedly stole more than $27 million worth of top stablecoin USDT from a hot Binance wallet over the weekend.
The on-chain researcher, pseudonymously known as ZachXBT say that the victim’s address was connected to a Binance Deployer wallet, which is used to generate smart contracts.
The stolen USDT was quickly exchanged for Ethereum (ETH) and then transferred to direct exchanges such as FixedFloat or ChangeNow, the chain investigator said. ZachXBT say the hackers also created a bridge to Bitcoin (BTC) via the decentralized cross-chain liquidity protocol THORChain (RUNE).
Explains the researcher,
“They will probably put the money in a mixer or then send it to some sketchy service. To withdraw large amounts off-chain, OTCs (over-the-counter) [trades] are common (will happen later after the money has been laundered).”
According to Ethereum tracking website Etherscan, the affected Binance wallet was created in late 2021. The wallet received the 27 million USDT from two Binance addresses earlier this month.
USDT is the best stablecoin in terms of market capitalization. It is issued by Tether and aims for a 1:1 peg to the US dollar.
Just last week, a hacker exploited the crypto exchange Poloniex for $125 million worth of crypto, including $56 million worth of ETH, $48 million worth of Tron (TRX), and $18 million worth of BTC.
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Generated image: Midjourney
