๐จBreaking News: CoinSpot, an Australian cryptocurrency exchange, may have lost a whopping $2 million worth of Ethereum (ETH) due to a possible exploit! ๐ฑ Blockchain investigator ZachXBT recently unveiled this shocking incident, raising concerns about the security of the exchange's hot wallets.
In just five minutes, two wallets associated with CoinSpot were drained of more than 1,282 ETH, equivalent to around $2 million! ๐ฒ Blockchain security firm CertiK suspects that a compromised private key linked to one of CoinSpot's hot wallets could be the root cause of this exploit.
The alleged hacker didn't stop there! They proceeded to bridge the stolen funds to the Bitcoin (BTC) network using ThorChain and Wan Bridge. The stolen Bitcoin was then spread across four different wallet addresses, making it harder to trace the entirety of the stolen funds. ๐ต๏ธโโ๏ธ
CoinSpot, founded in 2014, hasn't experienced any significant hacks until now. However, its users were targeted in a phishing attack in December 2021, highlighting the increasing threats faced by cryptocurrency platforms. As of now, CoinSpot has yet to issue an official response to the exploit, leaving questions about their plans to recover the lost funds unanswered. Stay tuned for more updates! ๐ฐ
