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.

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


© 2023 The Block. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.

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].

Editor

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