CoinSpot Hack

On Nov. 8, 2023, about 1,262 ETH (roughly $2.4M) left a hot wallet of the Australian exchange CoinSpot and went to an address outside the exchange's control. Etherscan also shows about 21 ETH arriving from a second CoinSpot-labeled wallet. On-chain investigator ZachXBT flagged the transfers that day, and CertiK called the incident a probable private key compromise affecting at least one CoinSpot hot wallet. No public source found for this draft includes a CoinSpot post-mortem confirming the cause or explaining how the key was exposed.

The receiving address, 0x326dc417d96c72349FA3d1fda4aE9C1c77FD89B8, turned the ETH into bitcoin. About 450 ETH was swapped for about 24 WBTC through Uniswap. Most of the rest, around 831 ETH, was converted to bitcoin through THORChain and other cross-chain routes, including one reported as Wan Bridge. The proceeds were then split across four Bitcoin addresses.