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.