$27,000,000 in USDT Stolen by Hackers From Hot Wallet Connected to Binance Deployer: On-Chain Data

Hackers reportedly stole more than $27 million worth of the top stablecoin USDT from a Binance hot wallet over the weekend.

The on-chain researcher pseudonymously known as ZachXBT says that the victim’s address was connected to a Binance deployer wallet, which is used to generate smart contracts.

The stolen USDT was quickly swapped for Ethereum (ETH) and then transferred to instant exchanges like FixedFloat or ChangeNow, according to the on-chain sleuth. ZachXBT says the hackers also bridged to Bitcoin (BTC) via the decentralized cross-chain liquidity protocol THORChain (RUNE).

Explains the researcher,

“They will probably deposit the funds to a mixer or send them to a sketchy service next. To take large sums off-chain, OTCs (over-the-counter) [trades] are common (will be later on after funds have been laundered).”

The impacted Binance wallet was created in late 2021, according to the Ethereum-tracking website Etherscan. The wallet received the 27 million USDT from two  Binance addresses earlier this month.

USDT is the top stablecoin by market cap. It’s issued by Tether and aims to maintain 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.

Don’t Miss a Beat – Subscribe to get email alerts delivered directly to your inbox

Check Price Action

Follow us on Twitter, Facebook and Telegram

Surf The Daily Hodl Mix

Check Latest News Headlines

&nbsp

Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any loses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.

Generated Image: Midjourney