Was CoinSpot's $2.4 Million Hack the Result of a Private Key Compromise? 🔐
Australian crypto exchange #CoinSpot recently experienced a $2.4 million hack, likely due to a "private key compromise" in one of its hot wallets.
Blockchain security firm #CertiK confirmed the exploit, revealing that 1,262 ETH, equivalent to $2.4 million, was transferred from a known CoinSpot wallet to the alleged hacker's address.
The #hacker then converted part of the funds to Wrapped Bitcoin (WBTC) using Uniswap and exchanged the rest for Bitcoin via ThorChain.
The stolen Bitcoin was further distributed among multiple wallets, a common tactic to complicate investigations. CoinSpot, established in 2013, is Australia's largest crypto exchange with around 2.5 million users.
