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
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