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Australian cryptocurrency exchange CoinSpot has reportedly fallen victim to a hack, resulting in a loss of $2.4 million. The breach is believed to be a result of a compromised private key on one of CoinSpot’s hot wallets. Blockchain analyst ZachXBT identified two transactions entering the hacker’s wallet, which were then transferred to the Bitcoin network via ThorChain and Wan Bridge. CertiK, a blockchain security firm, confirmed the exploit and stated that the compromised private key was likely the cause. The stolen funds, totaling 1,262 Ether, were then transferred to various wallets using different cryptocurrencies to obfuscate the trail. This tactic is commonly employed by hackers to complicate the investigation process. CoinSpot, Australia’s largest crypto exchange, serves approximately 2.5 million customers and is regulated by AUSTRAC. The exchange has not yet provided a comment on the incident.