CoinSpot HACKED! – 268

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From tradeogre suppressing the price Below 3 cents while on other exchanges Caspa has sky rocketed to over 8 cents And you have your funds stuck there in Trade ogre they can take those out go Ahead and Arbitrage that themselves make A killing while you have basically just A paper record of it in their Centralized exchange and then if the Exchanges themselves weren't suspicious To begin with you still have to worry About the fact that you are relyant on That exchange to protect your funds from Every single hacker in the damn world And that is is just not a viable Solution if you are looking to hold Cryptocurrency for any extended period Of time blockchain security firm certic Believes the $2.4 million draining of a Coin spot hot wallet is likely the Result of a private key compromise Australian crypto exchange coin spot has Reportedly been hacked for $2.4 million Us in a quote probable private key Compromise end quote over at least one Of its hot wallets according to a November 8th post post to his telegram Channel blockchain SLO Zack xbt Highlighted two transactions entering The alleged Hacker's wallet afterward The wallet's owner bridged the funds to The Bitcoin network via thorchain and Juan Bridge or Wridge in emailed comments to coin

Telegraph blockchain security firm Certic said the alleged exploit was the Result of a quote probable private key Compromise on at least one coin spot hot Wallet according to data from ether scan A transaction totaling 12262 ether worth $2.4 million at current prices came from A known coin spot wallet and entered the Alleged Hacker's wallet the owner of the Wallet address that received the 1262 Eth then began making a series of Transfers in two separate transactions The wallet's owner swapped 450 eth for 24 wrapped Bitcoin via Unis swap with The next 10 minutes the address swapped 831 eth for Bitcoin via thorchain Sending the Bitcoin to four different Wallet addresses according to certic Investigative data viewed by toin coin Telegraph a Search of bit of Bitcoin Explorer BTC Scan data showed the owner of the four Bitcoin wallets Distributing the Allegedly ill-gained Bitcoin 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 the Australian Financial Watchdog the Australian Transaction reports and Analysis Center And was granted an Australian digital Currency exchange license by the Regulator coinpot did not or did Immediately respond to request for Comment from to or from coin Telegraph So just to reiterate everything here Even if you have a a centralized Exchange that goes through a regulatory Process and a pretty stringent one Coming from Australia just to be frank Because we are aware of the amount of Regulation going on in Australia Surrounding Cryptocurrency um even if you do have One of these high level exchanges that Pass through all these regulatory checks Etc doesn't mean you're safe the fact of The matter is is that the attackers are Always one step ahead and it's very Difficult for these centralized Exchanges to protect your cryptocurrency So even if they aren't going to do Something malicious themselves once Again you have to worry about everybody Else that's going to be malicious Towards it as well and this means not Your ke not your crypto make sure you're Taking it off of exchanges when you're Ready to hold it it should only go into The exchange to either convert to US

Dollar Or reverse of that go from US dollar to Of course the crypto and then into your Self- custody and these are very Important principles that need to be Reiterated over and over and over again As we see it this hack in general is not That big of a deal this impact is not Nearly as impactful as something like FTX I wouldn't presume that it would Have that much impact on most users Participating within cryptocurrency Unless of course you are in within Australia and then you may have an even Harder time at obtaining cryptocurrency Of course the work around here as I Always State and why we mine and why I Do what I do over here is that the best Way to go ahead and make sure that you Can participate within cryptocurrency is To mine it at the end of the day it's The safest it's going to be the most Reliable with the least amount of Regulations that's going to tell you to Stop it and the only thing you really Have to worry about of course is going To be power cost which can be an issue But provided you are expecting this Number to go up having that virgin Bitcoin as well is going to be in Advantage in the Future thanks for watching this clip From the crypto mining show you can Check out the full episode here and

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