A wallet associated with Binance fell victim to a $27 million cryptocurrency theft. The stolen funds mainly consisted of Tether (USDT) coins, and the incident was first uncovered by cryptocurrency investigator ZachXBT.
ZachXBT’s research revealed that the stolen cryptocurrency underwent a series of conversions, including Ethereum (ETH), before ultimately being converted into Bitcoin to obscure the thief’s tracks.
The wallet containing the stolen funds had just completed a withdrawal from Binance shortly before the theft occurred.
A recent report on Web3 security highlighted the alarming trend of increasing cryptocurrency thefts during the third quarter of 2023, with losses exceeding $699 million.
The notorious Lazarus Group, with ties to North Korea, played a significant role in these thefts. They employ various tactics to infiltrate systems and siphon off funds.
Private key leaks also posed a substantial problem during this period, resulting in losses totaling $204 million.
Judith Faith has been writing about cryptocurrencies and blockchain technology for over five years. She is well versed in the industry and has an extensive network of industry contacts. She is also a frequent contributor to various cryptocurrency publications. With her vast knowledge and experience, she is able to provide insightful and valuable content to her readers. Judith is also an active investor in the cryptocurrency space and has a vested interest in the success of the industry.
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