Crypto Exchange Coinspot Loses Over $2 Million in Hack: ZachXBT

  • ZachXBT noted that Coinspot suffered a hack that drained over $2 million from two of its wallets. 
  • Etherscan data shows the alleged hacker has transferred and swapped the funds since the hack. 
  • Data also show the obtained funds have been transferred to several newly created accounts to hide the assets’ movements.

Coinspot, a crypto exchange in Australia, seems to have fallen victim to an exploit that drained assets worth $2 million from two of its wallets. 

Popular on-chain crypto sleuth ZachXBT noted the exploit in a post on his Telegram channel. Notably, ZachXBT cited two transactions from the wallet as evidence of the hack. One of the transfers saw 1,262 ETH leave Coinspot’s wallet for the presumed hacker’s wallet, while 20.99 ETH was sent to the same account in the second transaction.

Data from Etherscan confirmed these transactions from Coinspot to the alleged hacker’s wallet. At the time of press, the 1,262 ETH are worth around $2.4 million. 

Furthermore, data shows the hacker started making numerous transfers and swaps after receiving the funds. Reportedly, the wallet’s owner swapped 450 ETH for 24 Wrapped Bitcoin through Uniswap and 831 ETH for Bitcoin via Thorchain. In addition, the hacker also swapped some of the ETH for USDC and USDT. 

In what is a common tactic deployed by illicit actors to frustrate investigations, the hacker, within minutes, sent the assets to multiple newly created accounts. Data from the Bitcoin explorer BTCScan revealed that the hacker had distributed the swapped BTC to several new wallets, sending smaller portions of the money to each new wallet.

So far, Coinspot has yet to issue a statement on the alleged attack. In the most recent attack, users on the platform were targeted in a phishing attack last December. With over 2.5 million users in Australia, the crypto exchange is the largest in the country. 

Disclaimer: The information presented in this article is for informational and educational purposes only. The article does not constitute financial advice or advice of any kind. Coin Edition is not responsible for any losses incurred as a result of the utilization of content, products, or services mentioned. Readers are advised to exercise caution before taking any action related to the company.

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