Swap Tracker
We use cookies to make our site work. By clicking "Accept", you agree to our website’s cookies use as described in our Privacy & Cookie Policy.
Kate Powell 11 Dec 2023 ◦ 2 min read

Success Story: SwapSpace Safeguarded Remitano Against a $41.5k Security Breach

Success Story: SwapSpace Safeguarded Remitano Against a $41.5k Security Breach

In September of 2023, the cryptocurrency exchange platform Remitano encountered a significant security breach, resulting in a cyberattack compromising users' personal and financial information. 

Through a collaborative effort involving SwapSpace, Remitano, and CryptoForensic Investigators, the coordinated response successfully thwarted suspicious transactions, ultimately restoring a portion of the funds. This discourse will delve into the events surrounding the incident and elucidate the outcomes achieved.

Introduction to Remitano

Remitano stands as an online peer-to-peer (P2P) fiat-crypto marketplace established in 2014 by Babylon Solutions Limited. Employing escrowed services, Remitano offers various products, including Swap, P2P trading, and Crypto Lending, with the objective of facilitating a seamless trading experience and optimizing earning potential. 

Additionally, Remitano incorporates two types of hot wallets, namely crypto wallets and fiat wallets, which became the focal point for hackers during the aforementioned security breach.

Chronology of Events:

On September 14, 2023, Remitano's Security Management team identified a security breach originating from a third-party source, compromising sensitive platform information such as user account credentials, transaction histories, private keys, and personal data. 

Reports indicated that more than $2 million from the exchange's hot wallets was at risk, with unauthorized withdrawal transactions diverting funds to suspicious wallet addresses.

Mitigation Measures:

Promptly responding to the breach, Remitano engaged CryptoForensic Investigators, who, in turn, alerted SwapSpace to the potential presence of the attacker. SwapSpace acted swiftly to contain the incident, collaborating with Remitano to mitigate potential impacts on its user base. 

Temporarily suspending all trading activities, Remitano initiated a comprehensive security audit, while SwapSpace, in coordination with trusted cybersecurity agencies, traced and locked the funds accessed by the hackers. The efficiency of these efforts allowed the SwapSpace security team to detect and freeze transactions related to the incident within minutes, facilitating the timely recovery of the stolen funds.

Outcomes:

SwapSpace successfully intercepted four transactions totaling more than $41.5k, subsequently returning the funds to the Remitano team. Post-incident, SwapSpace instituted a protocol for addressing vulnerabilities specific to Remitano, aiming to enhance response times and fortify the commitment to safeguarding user assets.

Related posts

How to use BscScan? A complete guide

How to use BscScan? A complete guide

15 Nov 2024 ◦ 13 min read
BscScan is a blockchain explorer for the Binance Smart Chain, and this guide will show you how to use it effectively. The Blockchain Observer is an analytics platform that allows you to review all blockchain transactions.
How to delete a Cash App account?

How to delete a Cash App account?

30 Oct 2024 ◦ 6 min read
Many of us have used or at least heard of payment services such as PayPal, Cash App, Venmo, and Google Pay. The modern world is definitely difficult to imagine without online payments. For all that, as often as installing, many are asking
The Multichain Story: Updated

The Multichain Story: Updated

11 Jul 2023 ◦ 4 min read
On July 6, Multichain ($MULTI) experienced an unusual cash outflow through bridge contracts from an unidentified address, leading to speculation about a vulnerability worth millions of dollars. Although the reason for the transfer is unknown, the Multichain team requested that users
What is IPFS?

What is IPFS?

24 Aug 2022 ◦ 8 min read
IPFS (InterPlanetary File System) is an open-source hypermedia protocol that allows peers to store and distribute data in a single distributed file system. The author of the decision — the founder and head of the American startup Protocol Labs Juan Benet - called it

Tags

Swapspace Safety Platforms

Recent posts

VeChain secures MiCAR approval for VET and VTHO whitepapers
Can Terra Luna Classic’s massive token burn push LUNC?
Pi Coin becomes the 11th largest crypto in under a month
Which crypto will explode in 2025?

BTC  to USDT : best rates

btc-icon
btc
1