Australian Crypto Exchange CoinSpot Faces $2 Million Fund Drain in Suspected Attack

CoinSpot, an Australian cryptocurrency exchange, has apparently been the victim of a suspected attack, resulting in the loss of around $2 million in cryptocurrencies. The problem was brought to light by ZachXBT, an on-chain crypto investigator who revealed the exploit in his Telegram channel.

ZachXBT pointed to two transactions as evidence of the alleged attack. In one transaction, 1,262

was transferred from CoinSpot's wallet to an address believed to be controlled by the attacker.

In the second transaction, 20.99 ETH was also sent to the same address. Further data from Etherscan revealed that the recipient of these funds subsequently exchanged them for wrapped bitcoin,

, and

using various smart contracts on platforms like Uniswap, THORchain, and

.

Founded in 2014, CoinSpot has no significant hacks reported to date. However, in December 2021, the exchange's users were targeted in a phishing attack.

As of now, CoinSpot has not provided an official response to the incident, and it remains unclear whether they will take any actions to recover the lost funds.

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