SimpleSwap Helped Avert Stolen Funds Crisis for the Remitano Exchange
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:
0xab8833745d0fa3ed8f2457605a19943e76da40dddb57370821d2e7bd71e422e4
3UFSYvqGLthrWp1i9oinaFzZrbqwpLy1Sqv7JKik87m2QqJGGo3vLMmGuc7jDxNtSbvUtbrJQq5ERkGZVVe1Fv6b
0x8e55d6c654b816cbafa1b050b9d444cb75501e6ec3bb95b879ebd0efae96cf37
0x562e5421cf37b50393333c8f3f19be6013722b9e4f7d1221b74605612d59a6be
0xa0bae1a74439bb8ddf713a0c2c52ec1a82e11c2686014a9f1d5d758cb965bf23
0x13f0b3b3578f147e49ee2bba84d82c1b96199461a603fce38d0ec6406bd3337e
0x0243c79ffd14815c18ff48a4e2e16b2491b7f61228a61c9543b9773941ddae10
0xdbe4d79beb5a7a2775000ce6e1eb2d4c5e2b995c4e606d3b003163d80093fc94
0xe96b0fd09eb490b8c8f2fb912c1aa234e98387b8ca3eb79fdd185a7e5ee84669
0x0ec4ecf05bbe74c2082f183b768f19e7cb440d66f0aa1990a431f7721d288937
0xacbfc62afc6f30ae50b41ea7e800256fa7edb7439143aae9903d79991502003b
0x23ba10954443e9f162a03041499e293308eaa19625c2be87aea1410557b911c0
0xa75aa55cb1031df1414e1fcac885b2df1de838a649632e5d159b95a7500fe9b
0xa11e44ba3edda5a3c37092a741ad86b3c41ccfa39227819eea5a4deffc996702
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.”
Conclusion
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.
