Crypto wallet loses $27 million in stablecoins in apparent hack: ZachXBT

Crypto Ecosystems • November 12, 2023, 3:33PM EST
Published 1 minute earlier on
The Block

Quick Take

  • An address with links to Binance has lost $27 million in an apparent hack, according to on-chain sleuth ZachXBT.
  • The funds, made up of $27 million in Tether stablecoins, were laundered through a variety of services and transferred to Bitcoin through THORchain.

A crypto wallet tied to Binance has lost $27 million in an apparent attack, according to crypto sleuth ZachXBT. The alleged attack occurred yesterday, draining the wallet of $27 million in Tether stablecoins (USDT).

The funds were then swapped to ETH through a variety of protocols before being bridged to Bitcoin via THORChain, according to ZachXBT’s analysis.

The wallet had received the funds from a Binance withdrawal just one week ago. The wallet also received funds from a wallet tagged by Etherscan as a Binance smart contract deployer address in May 2019, as ZachXBT pointed out.

Binance did not immediately respond to a request for comment from The Block.


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About Author

Zack Abrams is a writer and editor based in Brooklyn, New York. Before coming to The Block, he was the Head Writer at Coinage, a Web3 media outlet covering the biggest stories in Web3. The story he co-reported on Do Kwon won a 2022 Best in Business Journalism award from SABEW. Other projects included a deep dive into SBF's defense based on exclusive documents and unveiling the identity of the hacker behind one of 2023's biggest crypto hacks — so far. He can be reached via X @zackdabrams or email, [email protected].

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