Blog / Our News / Simpleswap Helped Avert Stolen Funds Crisis For The Remitano Exchange

SimpleSwap Helped Avert Stolen Funds Crisis for the Remitano Exchange

Feb 8, 2024
12 min read

This blog post will cover:

  • Background on Remitano
  • What happened?
  • The Cryptoforensic Investigators’ contribution
  • Conclusion

On September 14, 2023, Remitano, a duly registered exchange, encountered a severe security breach resulting in the theft of cryptocurrencies. 

In this article, we are going to discuss the intervention of SimpleSwap in thwarting 14 transactions linked to the breach. 

Background on Remitano

Remitano is a facilitator for peer-to-peer transactions and a pivotal platform for users engaged in direct cryptocurrency transactions. Recent statistics from CoinMarketCap reveal a trading volume of approximately $5.30 million within the past 24 hours.

What happened?

In response to the security breach at Remitano, SimpleSwap took measures to alleviate the impact of the incident. Through a well-coordinated collaboration with CryptoForensic Investigators, our service successfully identified and halted 14 transactions associated with the hack.

In total, 6 transactions worth 1,109.3221 SOL, 7 transactions — 168,034 FTM and 1 equaled 33984.9678982507 USDC were stopped, and funds returned to their owners. It is approximately $107,085 worth of crypto assets: 















The Cryptoforensic Investigators’ contribution

The Cryptoforensic Investigators also played an indispensable role in resolving the issue. Their meticulous investigation into the hack helped identify pilfered cryptocurrency subsequently deposited into SimpleSwap. Guided by the intelligence provided by CryptoForensic Investigators, our team promptly froze the identified transactions to prevent the illicit laundering of stolen assets.

In expressing his commendation, Josh, the Director of Investigations at CryptoForensic Investigators, lauded SimpleSwap's judicious Anti-Money Laundering (AML) and compliance procedures. He underscored the importance of collaboration, stating:

“With the cooperation and collaboration of Simpleswap, we [Cryptoforensic Investigators] identified the stolen cryptocurrency from the hack attempt to be deposited to SimpleSwap, where the funds were subsequently frozen based on our intelligence; and after appropriate due diligence from the SimpleSwap team, the cryptocurrency transactions were held in order to prevent the laundering of the stolen assets. We commend Simpleswap's sensible AML and compliance procedures and look forward to our continued collaboration in our mutual efforts to combat illicit activity in crypto.”


This collaborative success serves as a poignant reminder of the critical role open communication and a supportive environment play in the cryptocurrency industry. Such synergies, characterized by mutual care and collaborative support, are instrumental in fortifying the crypto sphere as a safer and more secure environment for all stakeholders involved.

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