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A recent security breach in the world of cryptocurrency has resulted in a staggering loss of $27 million. The hack targeted a crypto wallet connected to Binance, one of the largest cryptocurrency exchanges. The hacker swiftly converted Tether (USDT) stablecoin to Ethereum (ETH) and sent the proceeds to various non-custodial exchanges, employing a common tactic used by hackers to obscure their transactions. The stolen assets were then bridged to Bitcoin via THORChain, a decentralized liquidity protocol. The investigation into the incident is ongoing, but it is suspected that the funds will be laundered through mixers or sketchy services. This breach is just one example of the growing number of security incidents in the cryptocurrency space. According to Certik’s Web3 Security quarterly report, Q3 of 2023 saw 184 security breach incidents, resulting in a total loss of over $699 million. This is a significant increase compared to the losses in the previous two quarters. The report also highlights the Lazarus Group, a North Korean state-affiliated entity, as a potential threat that targeted Web3 personnel using sophisticated social engineering tactics. Private key compromise was another major cause of security breaches, leading to losses of $204 million. One recent incident involved the hacking of crypto exchange CoinSpot, resulting in a loss of $2.4 million. These security breaches highlight the need for enhanced security measures in the cryptocurrency industry to protect users’ funds and prevent further financial losses.