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Hacker Seizes $27 Million from Binance-Associated Wallet

A Hacker Steals $27 Million from Binance-Associated Wallet

In a surprising operation, a hacker managed to seize $27 million in USDT from a wallet linked to Binance’s deployment system. Blockchain analyst ZachXBT reported the incident, which occurred over the weekend.

Swap and Transfer of Stolen Assets

The hack process was complex. After stealing the funds in USDT, the hacker converted them into ETH before transferring them to the exchange platforms FixedFloat and ChangeNow. Finally, these assets were exchanged for BTC through the THORChain bridge.

Data from the blockchain shows that the victim wallet had previously received Ether from two separate wallets associated with Binance’s deployment system in 2019. A deployment wallet is typically used in creating smart contracts on the blockchain.

THORChain: A Magnet for Hackers

THORChain has recently emerged as a hub for cryptocurrency-related hacking activities. The hackers who stole $35 million from Atomic Wallet also used THORChain to conceal their illicit gains. More recently, the THORSwap platform had to go into maintenance mode due to suspicious trading linked to the FTX hack.

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