Peer-to-peer crypto exchange Remitano experienced large withdrawals of USDT, USDC and ANKR tokens on Thursday, leading some blockchain analysts to conclude that the platform was likely hacked.

At around 12:45 pm on Sept. 14, the exchange’s hot wallet began sending funds to an unknown address in multiple anomalous transactions, according to blockchain security firm Cyvers.

“We contacted the team to halt any additional losses and initiate efforts to recover suspected stolen funds,” said Cyvers after issuing the alert. 

Analysis of the exploit by security firm PeckShield revealed that $2.7 million worth of crypto was drained from Remitano’s hot wallet on the Ethereum and Tron networks.

USDT issuer Tether has already frozen the two of the addresses associated with the alleged hack on both blockchains, potentially blocking the hackers from cashing out.

However, PeckShield noted that the drainer on Ethereum had swapped the stolen USDC and ANKR for around $264,000 worth of ETH and transferred them to HitBTC.

Remitano is a Seychelles-based exchange that primarily serves users based in emerging markets, including Pakistan, Ghana, Venezuela, Vietnam, South Africa, and Nigeria. At the time of writing, the team had not put out any official statements acknowledging or confirming the exploit.

So far, there have been no leads on the hacker’s identity or the root cause of the exploit.