Security Breach at CoinSpot
An Australian crypto exchange, CoinSpot, has reportedly been the victim of a security breach resulting in the loss of approximately $2 million from two connected wallets. This information was shared by an on-chain crypto investigator known as ZachXBT in his Telegram channel.
ZachXBT highlighted two transactions as evidence of the breach. In one transaction, 1,262 ETH left Coinspot’s wallet for an address presumed to belong to the attacker; in another transaction, 20.99 ETH was sent to the same address. According to Etherscan data, the recipient of the coins then exchanged them for wrapped bitcoin, USDC, and USDT using Uniswap, THORchain, and WBTC smart contract.
History of CoinSpot
CoinSpot, founded in 2014 according to Crunchbase, has not previously reported any significant hacks. However, in December 2021, its users were targeted in a phishing attack.
No Immediate Response from CoinSpot
CoinSpot did not immediately respond to a request for comment from The Block. On its website, the exchange claims to “maintain industry best-practice by securing a vast majority of assets in highly secure offline locations.”
Hot Take: CoinSpot Security Concerns
The security breach at CoinSpot raises concerns about the safety of assets held on the exchange. Users should exercise caution and consider additional security measures when using CoinSpot or any other cryptocurrency exchange.
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