Crypto exchange CoinSpot reportedly suffers $2M hot wallet hack

Crypto exchange CoinSpot reportedly suffers M hot wallet hack

Blockchain security firm CertiK believes the $2.4 million draining of a CoinSpot hot wallet is likely the result of a “private key compromise.”

Australian crypto exchange CoinSpot has reportedly been hacked for $2.4 million in a “probable private key compromise” over at least one of its hot wallets.

According to a Nov. 8 post to his Telegram channel, blockchain sleuth ZachXBT highlighted two transactions entering the alleged hackers wallet. Afterwards, the wallet’s owner bridged the funds to the Bitcoin (BTC) network via ThorChain and Wan Bridge.

In emailed comments to Cointelegraph, blockchain security firm CertiK said the alleged exploit was the result of a “probable private key compromise” on at least one CoinSpot hot wallet.

According to data from Etherscan, a transaction totalling 1,262 Ether (ETH) — worth $2.4 million at current prices — came from a known CoinSpot wallet and entered the alleged hackers wallet.

*The presumed attacker stole 1,262 ETH from a known CoinSpot wallet. Source: ZachXBT*

The owner of the wallet address that received the 1,262 ETH then began making a series of transfers. In two separate transactions, the wallet’s owner swapped 450 ETH for 24 Wrapped Bitcoin (WBTC) via Uniswap.

*The list of transactions made from the alleged attackers' wallet. Source: DeBank*

Within the next 10 minutes, the address swapped 831 ETH for Bitcoin via Thorchain, sending the Bitcoin to four different wallet addresses, according to CertiK investigative data viewed by Cointelegraph.

A search of Bitcoin explorer BTCScan data, showed the owner of the four Bitcoin wallets distributing the allegedly ill-gained BTC to multiple new wallets, transferring smaller divisions of the funds to additional new wallets each time.

This is a tactic commonly leveraged by attackers to prolong the investigation process — making it more difficult to track the entirety of the stolen funds.

CoinSpot was established in 2013 and currently stands as Australia’s largest crypto exchange by reported user numbers, serving around 2.5 million customers. The exchange is regulated by Australian financial watchdog AUSTRAC and was granted an Australian Digital Currency Exchange License by the regulator.

CoinSpot did immediately respond to a request for comment from Cointelegraph.

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Nifty News: David Beckham’s DigitalBits, CoinSpot’s NFT marketplace, and more

Ape Drops

Crypto companies continue to ramp-up marketing efforts with sports stars, with Beckham the latest to partner with blockchain provider, DigitalBits.

Iconic former English Premier League footballer, David Beckham, has become a global brand ambassador for the DigitalBits blockchain, launching his own range of NFTs in the process.

Beckham will release a series of NFTs and “other Blockchain-based digital assets” according to the brand ambassador announcement, with minting taking place on the DigitalBits blockchain.

Excited to announce #DavidBeckham has become a Global Ambassador for #DigitalBits!

Get ready to explore the world of #Blockchain, #NFTs and #Metaverse with Beckham.

More details https://t.co/yafO7W2OuL

Thread pic.twitter.com/n54BMeDsnE
— DigitalBits (XDB) (@DigitalBitsOrg) March 24, 2022

Beckham said the NFT collections were an “opportunity to create new experiences for my fans online.” According to DigitalBits, Beckham has a following of over 138 million, with an annual impression rate that surpasses nine billion across Instagram, Facebook, and China based social media platforms, Weibo and Douyin.

Crypto companies, in particular crypto exchanges, are ramping up partnerships with sporting teams and icons in a marketing effort to target mainstream consumers.

CoinSpot launches NFT marketplace

Australian based crypto exchange CoinSpot announced the launch of its new in-app NFT marketplace, allowing users to purchase digital art using a selection of cryptocurrencies such as Bitcoin (BTC), Ethereum (ETH), Cardano (ADA), and others.

CoinSpot said initially it will list only a selection of NFTs, including those from the Bored Ape Yacht Club, with more collections to be added over the next few months.

Gary Howells, Chief Product Officer at CoinSpot said its marketplace was created to simplify the process of buying an NFT, and make the transaction more affordable with lower fees in comparison to using other marketplaces.

Snoop and Wiz drop music for ApeCoin holders

American rap artists Snoop Dogg and Wiz Khalifa have released a special project consisting of eight tracks sold as NFTs featuring a theme tune for the Bored Ape Yacht Club.

Smoke a Bored 8th . Droppn a special project $APE COIN only @wizkhalifa @BoredApeYC

▶️ https://t.co/8JXyIRN3Pm pic.twitter.com/yh8DFrEdj1
— Snoop Dogg (@SnoopDogg) March 24, 2022

The collection, titled “Ape Drops 03 : An 8th” can be minted through Manifold, with each track available for purchase exclusively using ApeCoin (APE) with prices ranging from 12 to 15 APE, ($155 to $195).

Snoop Dogg and Wiz Khalifa both own Bored Ape NFTs, setting them as their profile pictures on Twitter. Snoop has been active in the crypto space and recently released 10,000 playable avatars and a “SnoopVerse” in partnership with the SandBox metaverse.

Liverpool FC partner with Sotheby’s

English Premier League football team Liverpool FC, announced its debut NFT collection in partnership with New York based auction house Sotheby’s.

They have arrived.

Welcome to the world of LFC Heroes Club pic.twitter.com/T6H3uI9bQL
— LFC Heroes Club ⚽ (@LFCHeroesClub) March 24, 2022

The collection features two series, each with 24 artwork NFTs, each one featuring a player on the team. The “Legendary” collection will be open for auction and sold to the highest bidder, and the “Hero” collection sold at a more accessible price of $75.

Other Nifty News:

The US Department of Justice has arrested founders Ethan Nguyen and Andre Llacuna on wire fraud and money laundering charges for allegedly carrying out an NFT rug pull with the Frosties NFT project. If found guilty on both charges, the pair face up to 40 years in prison.

One of Vanuatu’s island is being built as the new capital for crypto, dubbed “Satoshi Island”, the project is selling plots of land and “citizenship” to the island as NFTs and say the entire economy will run on cryptocurrencies and blockchain technology.

CoinSpot