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CoinSpot Nightmare: $2 Million Wallet Loss From Suspected Hack, Uncovered By ZachXBT

Press Releases Crypto News Bitcoinist CoinSpot Nightmare: $2 Million Wallet Loss From Suspected Hack, Uncovered By ZachXBT

ZachXBT, a prominent blockchain investigator, has revealed troubling findings about the recent security breach at CoinSpot, one of Australia’s leading cryptocurrency exchanges.

The exchange fell victim to a massive hack amounting to approximately $2.4 million, which appears to be the result of a “probable private key compromise” affecting one of its hot wallets.

In a post shared on his Telegram channel, ZachXBT exposed critical details, shedding light on the methods used by the alleged hackers to evade detection.

CoinSpot: Suspicious Transactions Detected

ZachXBT’s investigation pinpointed two significant transactions that offer key insights into the breach. The first transaction involved a staggering 1,262 Ethereum (ETH) leaving CoinSpot’s wallet and ending up in what is believed to be the attacker’s address. In a separate transaction, 20.99 ETH was sent to the same destination.

Source: Etherscan

To obscure the origins of the stolen funds, the recipient of these cryptocurrencies swiftly engaged in a series of complex maneuvers, swapping the ETH for wrapped Bitcoin, USDC, and USDT through various smart contracts, including Uniswap, THORchain, and WBTC. This intricate trail of transactions reflects a deliberate effort to obfuscate the illicitly gained assets.

A Cloak-And-Dagger Approach To Concealment

Further analysis of Bitcoin explorer BTCScan data exposed the apparent strategy employed by the cybercriminals. The owner of the four Bitcoin wallets, which received the allegedly ill-gotten BTC, executed a method commonly used by attackers to prolong the investigation process.

Source: Etherscan

They distributed the stolen Bitcoin to multiple new wallets, dividing the funds into smaller portions with each transfer. This tactic not only complicates efforts to trace the enti

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Author: Christian Encila

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