A transaction involving stablecoin Tether (USDT) caught the eye last Saturday, Nov. 11. An address has reportedly been stolen 27 million USDT, according to specialist ZachXBT, and could be related to cryptocurrency exchange Binance.

According to ZachXBT, a renowned expert in on-chain security, the affected address received 26 million USDT following a withdrawal from Binance of an address labeled on Etherscan (Ethereum explorer) as "Binance 16." This does not necessarily reveal that the victim of the hack is Binance, although the millionaire movement from an account on that exchange is striking.
Another indication is that that same address had also interacted with an account identified as Binance Deployer in 2019. Both transactions reveal a possible connection between the company, which leads the cryptocurrency exchange market, and the victim of the hack, about which there are no further details.
What is known is that the alleged attacker made several subsequent transactions to distribute the stolen 27,071,365 USDT. These funds were moved to different exchange platforms without KYC (Know Your Customer), such as ChangeNow or FixedFloat. From there, he moved the funds to the Bitcoin network via the Thorchain decentralized exchange.