A significant security breach has struck Australian crypto platform CoinSpot, resulting in a hot wallet hack of $2.4 million.
The situation is believed to be due to a “private key compromise” of at least one of CoinSpot’s hot wallets. This analysis was provided by blockchain security enterprise, CertiK.
Blockchain investigator ZachXBT noted two transactions entering the suspected hacker’s wallet on his Telegram channel. The wallet’s owner subsequently transferred the funds to the Bitcoin network using both ThorChain and Wan Bridge.
Etherscan data shows a transaction of 1,262 Ether (ETH), equivalent to the reported $2.4 million, originating from a recognised CoinSpot wallet and moving into the alleged hacker’s wallet. The recipient then initiated a series of transfers.
Over the next 10 minutes, the wallet owner swapped 831 ETH for Bitcoin through Thorchain, distributing the Bitcoin to four separate wallet addresses. This data was confirmed by CertiK.
Using a method frequently employed by attackers to hinder investigations, the owner of the four Bitcoin wallets began dispersing the allegedly stolen Bitcoin to numerous new wallets, breaking the funds into smaller amounts with each transfer.
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