In a stunning blow to the cryptocurrency community, a staggering $27 million worth of Tether stablecoins has been stolen from a prominent crypto wallet linked to Binance, a leading global cryptocurrency exchange.
This incident, discovered by influential figure ZachXBT, has raised concerns about the security of digital assets and the vulnerability of centralized platforms.
As the details of the hack continue to unfold, it is imperative that investors remain cautious and vigilant in their dealings within the cryptocurrency space.
Key Takeaways
- $27 million worth of Tether stablecoins were stolen from a prominent crypto wallet linked to Binance.
- The hack raises concerns about the security of digital assets and the vulnerability of centralized platforms.
- The stolen funds were laundered through different protocols and transferred to Bitcoin via THORchain.
- Binance has not yet responded to the incident, leaving users concerned about the security of their funds.
Background of the Crypto Wallet Hack
The Crypto Wallet hack, resulting in the theft of millions in Tether stablecoins, was discovered through various laundering methods and involved the transfer of funds to Bitcoin via THORchain.
This breach has raised concerns among individuals who value their financial freedom.
The hackers executed their attack by first receiving funds from a Binance withdrawal and funds from the Binance smart contract deployer address.
To further obfuscate their tracks, the stolen funds were swapped to Ethereum using different protocols.
Finally, the hackers bridged the funds to Bitcoin through THORchain, a decentralized liquidity protocol.
It is important to note that Binance has not yet responded to this incident, leaving many users worried about the security of their assets.
This hack highlights the need for increased vigilance and security measures within the crypto community to protect individuals’ financial independence.
Details of the Tether Theft
Discovered through various laundering methods and involving the transfer of funds to Bitcoin via THORchain, the theft of millions in Tether stablecoins from the crypto wallet reveals intricate details of the attack. The stolen funds originated from a Binance withdrawal and were also received from the Binance smart contract deployer address. To further obfuscate the trail, the attackers swapped the funds to ETH through different protocols before bridging them to Bitcoin using THORchain. Notably, Binance has yet to respond to the incident, leaving users concerned about the security of their funds. The table below summarizes the key steps taken by the attackers to launder the stolen funds:
| Steps Taken by Attackers |
|---|
| 1. Receive funds from Binance withdrawal |
| 2. Receive funds from Binance smart contract deployer address |
| 3. Swap funds to ETH through different protocols |
| 4. Bridge funds to Bitcoin using THORchain |
The audacity and complexity of the attack highlight the ongoing challenges faced by the crypto industry in securing digital assets and combating malicious actors.
Locking ACS Tokens With the Block
Continuing the exploration of securing digital assets and combating malicious actors in the crypto industry, let’s now delve into the topic of locking ACS Tokens with The Block.
Locking ACS tokens allows users to access content and stay updated on Pro Crypto Ecosystems news. For those without a wallet, setting one up is free, with Torus being the recommended wallet for first-time users. However, it is important to note that a 2% locking fee applies.
The minimum requirement for locking ACS tokens is 0, and the wallet balance is displayed as ACS.
By locking more ACS tokens with The Block, users can show their support. It is crucial to understand that locking ACS tokens is subject to the terms and conditions of the third-party wallet provider and Access Foundation. The Block is not responsible for the security, integrity, or value of ACS tokens.
This article is provided for informational purposes only, and locking ACS tokens with The Block carries inherent risks.
Conclusion
In conclusion, the recent theft of $27 million worth of Tether stablecoins from a crypto wallet linked to Binance highlights the ongoing risks and vulnerabilities in the cryptocurrency space.
This incident serves as a reminder for users to exercise caution and remain vigilant in safeguarding their digital assets.
The cryptocurrency community must continue to address security concerns and develop robust measures to protect against such attacks.
Yesterday News:
