Cyber Intrusion on Australia's CoinSpot Crypto Exchange Results in $2.4M Theft
Summary:
CoinSpot, an Australian cryptocurrency exchange, has reportedly been hacked, with $2.4 million stolen in what is suspected to be a private key breach of a hot wallet. The supposed hacker completed a series of transactions, eventually dividing the stolen Bitcoin into multiple wallets to make the tracking process more complex. CoinSpot, regulated by AUSTRAC, is the country's largest crypto platform with nearly 2.5 million users. The exchange has yet to comment on the incident.
A cyber intrusion into CoinSpot, an Australian cryptocurrency platform, has reportedly resulted in the theft of $2.4 million, in a suspected breach of private keys associated with a hot wallet. The revelation emerged from a November 8 update on blockchain investigator ZachXBT's Telegram account, showcasing two transactions input into the supposed hacker's wallet. Subsequently, the wallet's holder transferred the funds to the Bitcoin network through ThorChain and Wan Bridge. Blockchain security entity CertiK conveyed to Cointelegraph via email that the speculated cyber breach was most likely due to a private key infringement concerning at least one hot wallet on CoinSpot. Etherscan data divulges a transaction of 1,262 Ether (ETH), equivalent to $2.4 million at present rates, originating from a recognized CoinSpot wallet and winding up in the alleged hacker's wallet. This assumed hacker discreetly pilfered 1,262 ETH from a recognized CoinSpot wallet.
Following the receipt of the 1,262 ETH, the wallet's owner instigated a series of transactions. In two separate occasions, the owner exchanged 450 ETH for 24 Wrapped Bitcoin via Uniswap. This was followed by a quick turn as they exchanged 831 ETH for Bitcoin through ThorChain within 10 minutes, dispersing the Bitcoin to four distinct wallet addresses, CertiK investigative data supplied to Cointelegraph indicates. According to BTCScan data, the owner of these four Bitcoin wallets began further subdivision and dispersion of the funds into multiple new wallets, making tracking the stolen finances immensely challenging for investigators.
CoinSpot, founded in 2013, boasts the title of Australia's most substantial cryptocurrency platform in terms of registered user numbers, with approximately 2.5 million consumers. The exchange is under the regulation of AUSTRAC, Australia's financial supervisory authority, and possesses an Australian Digital Currency Exchange License accredited by the regulator. At the time of reporting, CoinSpot had not offered a comment on the matter when asked by Cointelegraph.
Published At
11/9/2023 5:20:55 AM
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