CoinSpot, an Australian cryptocurrency exchange, has apparently been hacked for $2.4 million in a “probable private key compromise” involving at least one of its hot wallets. Blockchain sleuth ZachXBT noted […] The post Crypto Exchange CoinSpot Reportedly Suffers $2m Hot Wallet H...
CoinSpot, an Australian cryptocurrency exchange, has apparently been hacked for $2.4 million in a “probable private key compromise” involving at least one of its hot wallets.
CertiK, a blockchain security firm, told Cointelegraph that the suspected attack was the result of a “probable private key compromise” on at least one CoinSpot hot wallet.
The suspect took 1,262 ETH from a known CoinSpot wallet. ZachXBT contributed to this report.
According to CertiK investigation data viewed by Cointelegraph, the address swapped 831 ETH for Bitcoin over Thorchain during the next 10 minutes, delivering the Bitcoin to four separate wallet addresses.
This is a frequent method used by attackers to delay the investigation, making it more difficult to trace down all of the stolen funds.
CoinSpot was founded in 2013 and is now Australia’s largest crypto exchange by reported user counts, with about 2.5 million customers. The exchange is overseen by the Australian financial authority AUSTRAC, which gave it an Australian Digital Currency Exchange License.