- Australian crypto exchange CoinSpot may have been hacked according to blockchain investigator ZachXBT, with around $2 million in crypto rapidly drained from CoinSpot wallets.
- ZachXBT noticed two suspicious transactions where over 3,000 ETH was transferred from CoinSpot to a presumed hacker’s address, which then swapped the ETH for other cryptocurrencies.
- CoinSpot has not yet commented on the suspected hack, but it serves as a reminder that crypto exchanges remain vulnerable to attacks despite security measures.
Australian crypto exchange CoinSpot may have been the victim of a hack according to blockchain investigator ZachXBT. Approximately $2 million in crypto appears to have been rapidly drained from CoinSpot wallets.
Details of the Suspected Hack
ZachXBT noticed two suspicious transactions indicating a potential hack. In one transaction, 1,262 ETH was moved from a CoinSpot wallet to a presumed hacker’s address. In another transaction, 2,099 ETH was transferred from CoinSpot to the same address. The recipient address then swapped the stolen ETH for wrapped bitcoin, USDC, and USDT using DEXs like Uniswap and THORchain.
Background on CoinSpot
Founded in 2014, CoinSpot is a longstanding Australian crypto exchange. It has not experienced any major hacks in its history. However, CoinSpot users were targeted in a phishing attack in December 2021. On its website, CoinSpot states that it stores the majority of assets in highly secure offline storage.
CoinSpot has not yet commented on the suspected hack. ZachXBT reported on the potential exploit in his Telegram channel.
The investigation into the alleged CoinSpot hack is still developing. While not yet confirmed, the rapid draining of funds identified by ZachXBT indicates the exchange may have fallen victim to an attack. As more details emerge, the full impact of the incident will become clearer. For now, it serves as a reminder that hacks and exploits remain a constant threat in the crypto industry.