The Australian cryptocurrency exchange CoinSpot has reportedly been hacked for $2 million.
Key Takeaways
- Australian exchange CoinSpot has reportedly fallen victim to a security breach resulting in the theft of around $2 million in cryptocurrencies.
- A blockchain analyst known as ZachXBT detected two suspicious transactions: one involving the withdrawal of 1,262 Ethereum (ETH) and another for 20.99 ETH.
- The stolen funds were converted into Wrapped Bitcoins (WBTC), as well as stablecoins USDC and USDT, through the use of decentralized platforms such as Uniswap, the THORChain protocol, and the WBTC smart contract.
- CoinSpot, which was founded in 2014, emphasizes its commitment to high security standards, including the storage of the majority of assets in cold wallets. However, the exchange has not yet officially confirmed the hack.
Security Breach
Australian cryptocurrency exchange CoinSpot has reportedly experienced a security breach resulting in the theft of approximately $2 million worth of digital assets.
Australian exchange CoinSpot reportedly hacked for $2m https://t.co/BkapNioci6 #News #CoinSpot #DeFi #hack
— OutbackDeFi (@BushOrangutan) November 9, 2023
The breach was identified by a blockchain analyst using the pseudonym ZachXBT, who observed two suspicious transactions. In the first transaction, the attackers withdrew 1,262 Ethereum (ETH), followed by another 20.99 ETH in the second transaction.
The stolen funds were then converted into Wrapped Bitcoins (WBTC) and stablecoins USDC and USDT. The attackers utilized decentralized platforms, including Uniswap, the THORChain protocol, and the WBTC smart contract, for the conversion.
To Conclude
CoinSpot, established in 2014, claims to maintain high security standards by storing the majority of its assets in cold wallets. As of now, the exchange has not officially confirmed the hack.
The incident follows a previous hacking case in which vulnerabilities in the decentralized Onyx Protocol were exploited, resulting in the theft of over $2 million in assets.
