Crypto wallet lost $27m in one-time hack

A crypto wallet lost $27 million in USDT following a hack. The funds were later transferred to Bitcoin via THORChain.

On-chain analyst ZachXBT first noticed the breach. The hacker promptly converted the stolen Tether coins into Ethereum (ETH). Later, they were transferred through FixedFloat, ChangeNow, and other services. Ultimately, the funds were transferred to Bitcoin (BTC) using the THORChain protocol.

A week ago, funds were withdrawn from the Binance exchange to the hacked wallet, ZachXBT notes. In May 2019, the address also received funds from the mentioned cryptocurrency platform.

A week earlier, an unknown hacker attacked the Poloniex cryptocurrency exchange. According to preliminary data from Arkham Intelligence, cumulative losses exceeded $124.5 million in digital assets.

In parallel, the Poloniex X support account reported that the address for maintenance was disabled. The exchange will also seek help from other platforms to recover the stolen assets.

Last month, damage from hacking across 23 incidents dropped to $51 million, down 85.6% from the month before. The most significant damage for the month was caused by hacker attacks – about $28.33 million.