Wallet Linked with Binance Gets Hacked: $27 Million USDT Lost

Wallet Linked with Binance Gets Hacked: $27 Million USDT Lost

SecurityBinance

By Miles

13 Nov 2023 (8 months ago)

1 min read

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$27M in crypto stolen from Binance-linked wallet, with Q3 seeing record $699M losses.

A wallet linked with Binance was hacked, and $27 million was stolen. The theft involved mainly Tether (USDT) coins and was discovered by a well-known investigator, ZachXBT.

ZachXBT's research showed that the stolen money was changed into Ethereum (ETH) and moved through several services to hide its tracks. It ended up being turned into Bitcoin. The wallet that lost the money had just withdrawn it from Binance before the theft.

The recent Web3 security report claims that the third quarter of 2023 had the most thefts yet, with over $699 million lost. The notorious Lazarus Group, linked to North Korea, has stolen lots of money this year. They trick people into getting into systems and stealing funds.

Private key leaks were also a big problem, leading to $204 million in losses. Two big incidents with Mixin and Multichain alone caused $325 million in losses.

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