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Australian cryptocurrency exchange CoinSpot has reportedly suffered a security breach, resulting in the loss of approximately $2 million worth of Ethereum (ETH). The incident was brought to light by blockchain investigator ZachXBT, who raised concerns about the exchange’s hot wallets. According to ZachXBT, two wallets associated with CoinSpot were drained of over 1,282 ETH in just five minutes. The investigation revealed that the stolen funds were transferred to the Bitcoin network using ThorChain and Wan Bridge. CertiK, a blockchain security firm, suggested that a compromised private key linked to one of CoinSpot’s hot wallets may have been the cause of the exploit. The stolen funds were subsequently converted into wrapped Bitcoin (WBTC), USDC, and USDT using various smart contracts on platforms like Uniswap, THORchain, and WBTC. The cyber attacker employed tactics such as dividing the stolen funds into smaller portions to hinder tracking efforts. CoinSpot, which had not experienced significant hacks prior to this incident, has yet to issue an official response regarding the exploit and the recovery of the lost funds.