On September 14, 2023, Remitano Cryptocurrency Exchange was attacked. But thanks to Cyvers' Vigilens tool, disaster was avoided, and millions of dollars in user assets were saved. Cyvers worked with Remitano to recover a significant portion of the stolen funds. Find out more about this incident and how Cyvers helped safeguard Remitano's cryptocurrency exchange.
ETH: https://etherscan.io/address/0x74530e81e9f4715c720b6b237f682cd0e298b66c
BCH: https://blockchair.com/bitcoin-cash/address/qp60lwhvemzz5x4jgpdxw0jmkdyccr5gryeukdfzzq
TRON: https://tronscan.org/#/address/TEDNf1aqk8YJEUdNH9NRd4MqibZmdP49Fm
At 12:45:47 PM +UTC on that day, a hacker initiated a transaction that started a troubling event. Remarkably, just ten seconds later, at 12:45:56, Cyvers' risk engine spotted something suspicious. This quick reaction showed how effective Vigilens is at identifying potential threats as they happen.
https://twitter.com/CyversAlerts/status/1702348063145165016
Deddy Lavid and Hakan Unal, two well-known blockchain security experts, acted swiftly. They informed Remitano about the breach at 14:02 PM. Their rapid response was vital in dealing with this serious threat.
The hacker managed to steal a total of $2.7 million in different cryptocurrencies like Bitcoin Cash, TRON, and Ethereum. Here's a breakdown of what was lost:
But, the story doesn't end there. Cyvers and Remitano worked together to limit the damage. They successfully recovered $1.4 million in USDT on the Ethereum network and $537,000 in USDT on the TRON network. These recoveries show how fast and coordinated action can make a difference.
https://twitter.com/CyversAlerts/status/1702358893047746592
While investigations are still ongoing, the current findings suggest a potential access control issue, possibly related to private key exposure. The exact nature of the vulnerability is still being determined.
One of the most remarkable aspects of this case was Cyvers' ability to identify and neutralize a particularly elusive type of threat: Access Control exploits. The crypto space is plagued by numerous vulnerabilities, but unauthorized access through poor access control mechanisms can be among the most devastating. Our Vigilens tool is specifically designed to tackle these complex issues. Not only does it perform real-time threat analysis, but it also takes immediate remedial actions, such as freezing hacker wallets across different blockchain networks. In the Remitano incident, Vigilens acted as an impenetrable shield, securing multi-million-dollar assets within seconds of detecting malicious activity. This stands as a testament to Cyvers' unique capabilities in safeguarding against one of the most insidious categories of cybersecurity threats.
Cyvers' Vigilens tool played a significant role in this incident. Hacker wallets with USDT funds were quickly frozen on both the Ethereum and TRON networks, preventing further unauthorized transfers. The effectiveness of Vigilens in spotting and responding to threats is clear, making it a crucial tool in the fight against cryptocurrency cybercrimes.
After Cyvers' timely alert and our collaborative work with Remitano, the story captured widespread attention, getting featured on all the major news websites specializing in cryptocurrency and blockchain technology. This is not just a win for Cyvers or Remitano; it's a triumph for the broader crypto community. It serves as a real-world example of how quick action, cutting-edge technology, and cooperation can not only mitigate a crisis but also educate the industry. This media exposure has resonated within the community, sparking conversations about the need for robust security measures and has further elevated the reputation of Cyvers and Remitano as leaders in crypto security.
Read more on CoinTelegraph, BeInCrypto, Investing.com, Yahoo! Finance, REKT, and more.
Remitano published a post-mortem that delved into the particulars of the security incident. In the comprehensive update, they didn't hesitate to highlight Cyvers' critical role in mitigating the crisis. According to Remitano, upon detecting the breach, they:
"initiated collaboration with trusted cybersecurity and wallet partners, including Cyvers Alerts and Tether, to closely monitor and lock all of the funds accessed by the hackers."
This acknowledgment from a major player like Remitano is not just an endorsement of Cyvers' efficiency and effectiveness; it's also a testament to how critical our services are in real-world applications for safeguarding digital assets and infrastructure. It reiterates the credibility of our threat detection and response mechanisms, cementing our standing as a go-to solution for cybersecurity in the decentralized world.
The attempted hack on Remitano is a reminder of the constant threats faced by the crypto industry. However, it also highlights the importance of advanced security tools like Cyvers' Vigilens and the need for cooperation when responding to such threats.
The recovery of a substantial portion of the stolen funds shows that with the right tools and expertise, the crypto community can stand strong even when facing challenges. As the investigation continues, the crypto world will keep learning about the evolving landscape of digital asset security.
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