Australian Crypto Exchange CoinSpot Reportedly Hacked for $2.4M
Reports indicate that Australian crypto exchange CoinSpot has been hacked for $2.4 million due to a βprobable private key compromiseβ involving at least one of its hot wallets.
ZachXBT, a blockchain investigator, highlighted two transactions entering the alleged hackerβs wallet and subsequent bridging of funds to the Bitcoin network via ThorChain and Wan Bridge.
CertiK, a blockchain security firm, confirmed the exploit was likely due to a βprobable private key compromiseβ on at least one CoinSpot hot wallet.
Data from Etherscan showed a transaction of 1,262 Ether (ETH) worth $2.4 million entering the alleged hackerβs wallet from a known CoinSpot wallet, followed by several transfers and swaps.
The hacker then proceeded to make multiple transfers and swaps involving Ethereum and Bitcoin, utilizing Uniswap and Thorchain to obfuscate the movement of the stolen funds.
Investigation and Response
Bitcoin explorer BTCScan data revealed that the hacker distributed the allegedly stolen BTC to multiple new wallets in smaller divisions, making it difficult to track the entirety of the stolen funds.
CoinSpot, established in 2013 and serving around 2.5 million customers as Australiaβs largest crypto exchange, is regulated by AUSTRAC and holds an Australian Digital Currency Exchange License.
The exchange did not immediately respond to requests for comments regarding the hack.
Hot Take: Vulnerability Exposed in Major Crypto Exchange
The reported hack on CoinSpot underscores the ongoing vulnerability of even major cryptocurrency exchanges to security breaches. The incident serves as a reminder of the importance of robust security measures and constant vigilance in safeguarding digital assets within the crypto space.