a MuntSpot, an Australian cryptocurrency exchange, was the latest target of hackers. According to the security company Certik and the researcher known as ZachXBT, the broker lost this Wednesday (8) 1,282 ethers (ETH), an amount equal to R$12 million.
Despite being discreet about what happened, CoinSpot acknowledged the theft on its social networks. However, it stated that its customers’ funds are safe and the platform continues to operate normally.
CoinSpot’s website shows that the broker has more than 2.5 million customers. However, your trading volume is not monitored by sites like CoinMarketCap and CoinGecko.
Cryptocurrency broker CoinSpot is hacked for R$12 million
The CoinSpot hack was mentioned this Wednesday by both security company Certik and researcher ZachXBT (8). In total, only two transactions were carried out, one for 1,262 ETH and the other for 20 ETH, for a total amount of R$12 million.
“We are seeing reports of suspicious transfers from CoinSpot hot wallets. A total of 1,282 ETH was transferred to the address 0x326 of two CoinSpot wallets.”
We are seeing reports of suspicious transfers of @muntspotau hot wallets.
A total of 1,282 ETH was transferred to EOA 0x326 from 2 CoinSpot wallets pic.twitter.com/E7kzKlbEaO
— CertiK Alert (@CertiKAlert) November 8, 2023
Adding to the information, ZachXBT reveals that hackers have already converted ethers into bitcoin via two services, Thorswap and Wan Bridge. The conversion took place a few minutes after the hack and showed the hackers’ preparation.
“It appears that approximately $2 million worth of ETH from Australian cryptocurrency exchange CoinSpot has just been withdrawn from its hot wallet. Funds were converted into Bitcoin via Thorswap and Wan Bridge.”
Hackers withdraw R$12 million worth of Ethereum (ETH) from the CoinSpot brokerage and convert the amount into Bitcoin (BTC). Source: ZachXBT.
CoinSpot is discreet but recognizes hacks
Despite no official note being published about what happened, CoinSpot acknowledges the losses on its social networks. After pressure from their customers, the team sent a short response to one of them, as shown below.
“Customers’ money is safe and has not been compromised. The platform remains fully operational, thank you for your patience.”
Customers’ money is safe and unaffected. The platform remains fully operational, thank you for your patience.
— CoinSpot (@coinspotau) November 9, 2023
Due to the hackers’ conversion of the money, it is difficult to imagine that they intend to return the amount as a ‘white hat’. With the few words from CoinSpot, it is difficult to know if the broker has any plans to get its cryptocurrencies back.
By comparison, broker Huobi, which was hacked in October, threatened to reveal the hackers’ identities. Despite the audacity, the plan worked and the hacker returned the stolen cryptocurrencies to the broker.
Source: Live Coins
Barry Siefert is an accomplished journalist and author at The Nation View. He is known for his expertise in the field of cryptocurrency, and has written extensively on the topic. With a background in finance and economics, Barry has a deep understanding of the underlying technology and market forces that drive the crypto industry.
