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November 14, 2023

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

By Conor Devitt

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.

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Source: ZachXBT/X

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).

Source: ZachXBT/X

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.

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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.

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