According to blockchain security firm Cyvers, there have been suspicious transactions worth over $12.5 million from the hot wallet of an Iranian crypto exchange, Nobitex.
Rarely does a day pass in the cryptocurrency world without suspicious on-chain activities making headlines. There’s a pressing need for improved security infrastructure in these projects, a goal that has yet to be widely accomplished.
Nobitex Hot Wallets Made Suspicious Transactions Worth At Least $12.5 Million
Cyvers detected multiple suspicious transactions with the Nobitex exchange that drained around $12.5 million worth of digital assets. As of writing, one of the addresses flagged suspicious holds over $12.5 million worth of assets.
Read more: How To Evaluate Cryptocurrencies with On-chain & Fundamental Analysis
However, the on-chain sleuth ZachXBT believes that the transactions are not suspicious and claims they regularly sweep their hot wallets. Nonetheless, Nobitex has yet to clarify on X (Twitter) whether these were authorized transactions or whether hackers are responsible for the activities. In fact, the crypto exchange has maintained a radio silence on its X handle for more than 24 hours as of writing.
Read more: Who Is ZachXBT, the Crypto Sleuth Exposing Scams?
Last week, hackers stole over $45 million from the decentralized exchange (DEX) KyberSwap. And on Thursday, the hacker made a bold demand, asking for full control of the DEX in exchange for refunds. Due to the frequent incidents, it is high time that the projects invest in strong security infrastructure.
Read more: Crypto Project Security: A Guide to Early Threat Detection
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