Swap Tracker
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.

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