A cryptocurrency wallet experienced a $27 million loss in USDT due to a hacking incident, with the stolen funds subsequently moved to Bitcoin using the THORChain protocol.
According to on-chain analyst ZachXBT, the breach occurred when a hacker managed to steal a sizable amount of Tether coins from the Binance exchange. The hacker quickly converted the Tether to Ethereum before laundering the funds through various services like FixedFloat and ChangeNow.
The stolen assets were then converted to Bitcoin using the decentralized THORChain protocol in an attempt to cover their tracks.
ZachXBT notes that the hacked wallet had received deposits from Binance withdrawal approximately one week prior to the incident and that this same wallet had also received Binance deposits as far back as May 2019, raising questions about when the breach actually occurred.