#HotColumn Australian Crypto Exchange CoinSpot Loses $2M in Alleged Exploit

ZachXBT reveals CoinSpot wallets drained of 1,282 ETH ($2M) in just five mins.

Australian cryptocurrency exchange CoinSpot may have fallen victim to an exploit resulting in the loss of approximately $2 million worth of Ethereum (ETH).

Blockchain investigator ZachXBT shed light on the incident through his Telegram channel, raising concerns about the security of the exchange’s hot wallets.

ZachXBT Unveils $2 Million CoinSpot Exploit
On Nov. 8, ZachXBT made a revelation through his Telegram channel regarding two wallets associated with CoinSpot. In a matter of just five minutes, these wallets appeared to have been drained of more than 1,282 ETH, equivalent to around $2 million at the time.

The investigation conducted by ZachXBT uncovered two suspicious transactions entering the alleged hacker’s wallet. What followed was even more unsettling as the wallet owner proceeded to bridge the stolen funds to the Bitcoin (BTC) network using ThorChain and Wan Bridge.

CertiK, a leading blockchain security firm, pointed to a possible compromise of a private key linked to at least one of CoinSpot’s hot wallets as the likely root cause of this exploit