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CoinSpot, Australia’s Largest Crypto Exchange, Faces $2.4 Million Hot Wallet Hack

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Australian cryptocurrency exchange CoinSpot has reportedly fallen victim to a $2.4 million hack, believed to have resulted from a “probable private key compromise” on at least one of its hot wallets. Blockchain sleuth ZachXBT identified two transactions leading to the alleged hacker’s wallet, which later bridged the funds to the Bitcoin network via ThorChain and Wan Bridge.

In response to the incident that happened in the crypto industry, blockchain security firm CertiK indicated that the exploit likely stemmed from a “probable private key compromise” on a CoinSpot hot wallet. According to Etherscan data, a transaction involving 1,262 Ether (ETH), valued at $2.4 million, originated from a known CoinSpot wallet and was transferred to the alleged hacker’s wallet. This scam in the crypto industry impacted the investors of the global marketplace.

The recipient of the 1,262 ETH proceeded to conduct a series of transactions, including swapping 450 ETH for 24 Wrapped Bitcoin (WBTC) via Uniswap. Subsequently, the wallet owner exchanged 831 ETH for Bitcoin through Thorchain, dispersing the Bitcoin to four different wallet addresses.

Crypto Platform Investigations In This Hack

CertiK, a smart contract auditor in the crypto sphere, revealed that the owner of these Bitcoin wallets engaged in a tactic commonly employed by attackers to complicate investigations. The allegedly ill-gained BTC was distributed among multiple new wallets, with smaller divisions of the funds transferred to additional new wallets each time.

Established in 2013, CoinSpot is currently Australia’s largest crypto exchange, boasting around 2.5 million reported users. The exchange is regulated by the Australian financial watchdog AUSTRAC and holds an Australian Digital Currency Exchange License granted by the regulator.

In October, cybercriminals of crypto successfully exploited weaknesses in the decentralized Onyx Protocol, resulting in the theft of assets exceeding $2 million.

Experts suggest that the assailant depleted Onyx’s liquidity by taking advantage of a vulnerability within the protocol’s code base, identified as a loss of precision. The exploit, in particular, involved the utilization of integer rounding facilitated by flash credit.

Shiba Inu Scores Second In The Web3 Security Leaderboard

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Leading meme coin Shiba Inu or SHIB has landed the second rank in the category of secure crypto project compiled by CertiK’s Web3 Security Leaderboard report.

With a Skynet Trust Score of 93, SHIB has surpassed Polygon’s MATIC. The meme coin’s ranking was evaluated based on indicators such as the crypto project’s relative security, market performance, and social sentiment,

It is to be noted that the above score was an average of a “Security” score of 92 and a “Market & Community” score of 95, which is determined by measuring the aforementioned factors.

The Shiba Inu project’s salient features, according to the report, include decentralization, a sizable market cap, longevity, the availability of bug bounties, and a sizable social following.

Shiba Inu also holds the top spot among the Top 10 Watchlisted DEX Projects on CertiK. Popular platforms 1Inch and PancakeSwap are left behind by SHIB’s decentralized exchange ShibaSwap.

That said, the SHIB ecosystem is beaming with a lot of activities. Recently, the team behind the Shiba Inu cryptocurrency teased an exciting event with the German automobile powerhouse Bugatti Group. 

Both sides have been discreet about what customers may anticipate, although a promotional film hinted that it will be a line of handbags with Shiba Inu themes.

In addition, Shibarium’s official Twitter account Shibarium Network released yet another update on January 7th detailing the beta launch anticipated for early 2023.

Shiba Inu Inching Closer To Launch Its Layer-2 Solution

A few days back, the Shiba Inu ecosystem announced that each Shibarium transaction will burn SHIB.

Furthermore, it stated that the Shibarium launch was almost here and that the creators were “now concentrating on delivery.” Users were urged to pay attention to announcements made on official websites in order to stay informed about new details regarding the beta launch.

Earlier, as reported by TronWeekly, Shibarium confirmed that BONE remains the central token selected for gas fees and use. And that, no other tokens will be required to operate within the ecosystem.

This comes after a Unification fund operator and validator named Ringoshi Toitsu on Twitter spoke on Shiba Inu’s Shibarium.

In it, the developer said BONE would serve as the gas token, and FUND will fuel the Shibarium back end. This might have led to the tokens’ confusion.

For those new, UnificationUND is the builder of Shiba Inu’s layer-2 scaling solution.

Shiba Inu (SHIB) Retains Its Investor Base Despite Cryptocurrency Market Troubles

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Shiba Inu (SHIB) has retained its investor base despite the troubles of cryptocurrency markets with no decline in numbers. Its popularity seems to grow with each new investor who joins its ranks.

According to data collected by CoinMarketcap, Shiba Inu has risen steadily over the course of this past month. There were 50,970 holders from the end of October up until November 20th. 

From the chart below, one can see that on October 22nd, there were 1,228,876 holders and an increase of 1,278,108 on November 19th, an increase of about 5% throughout the period.

Source: CoinMarketcap

On a weekly bases, the growth that was seen from November 14th to November 19th was about 12,452. In addition, there is a gradual accumulation of almost 1,800 new members every day.

Source: CoinMarketcap

In accordance with the “Holders Statistics,” there are 14,645 Shiba Inus active addresses in the last 24 hours. Meanwhile, the top ten holders of the currency make up around 62.71%, while the top twenty owners own around 70.76%.

Shiba Inu (SHIB) Price Analysis

Shiba Inu (SHIB), the dog-themed cryptocurrency, is not in a favorable position right now as it is struggling to find the proper rhythm to recover and drive its price to greater heights.

Based on the most recent data from CoinMarketcap, SHIB is bucking to defy the adverse market trend as its price has fallen 4.04% to $0.000008661 over the past 24 hours. The last week has seen a decrease of 5.03%.

Source: Tradingview

Finding a profitable and secure investment option is what many crypto investors are searching for. Only a few projects displayed these qualities consistently over the whole year.

Shiba Inu was unaffected by the cryptocurrency market slump brought on by FTX’s collapse, according to the blockchain security company Certik’s most recent weekly project spotlight. 

In contrast to the broad optimism around cryptocurrencies and the SHIB network, Certik noted that the number of SHIB token holders has increased throughout this time.

The company stated that the Social Sentiment Index for SHIB was 79% based on its Skynet Social Analysis, a rating that represents the asset’s general favorability. In light of the present conditions dominating the crypto industry, SHIB’s score is among the best.

Related Reading | The True Potential Of Dogecoin: Insights From A Former Ethereum Researcher

Certik Report: How Developers Are Using KYC To Scam Web3 Communities

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As the industry works to develop fraud detection, Certik, a pioneering company in Blockchain Security, uncovered an underground network of KYC actors for hire on November 17th. Some rogue developers used them to scam Web3 communities.

The decentralization of the internet and the potential of blockchain technology has sparked a desire among many people in Web3 communities – unfortunately, this has left them open to misconduct from fraudulent individuals as well as malicious intentions. 

The blockchain security firm CertiK previously reported that there had been 377 Web3 scams and exploit assaults so far in 2022, resulting in losses of more than $2.3 billion.

According to CertiK’s most recent analysis, criminals have developed a variety of tactics to deceive communities and investors, but a Know Your Customer (KYC) actor is probably one of the most intriguing.

The blockchain security firm said:

In our context, a KYC actor is an individual specifically hired to KYC on behalf of rogue project owners looking to gain trust in the crypto community prior to an insider hack or an exit scam.

Additionally, when the KYC actor was discovered and identified by the company’s investigators, the subject agreed to provide a detailed explanation of how it all works.

CertiK Reveals The Dark Side Of KYC

The actor claims that hiring a person to conduct a KYC for a fraudulent business is shockingly affordable and simple like if the job requirements are simple, a KYC actor’s fee might be as cheap as $8. 

The actor had been pretending to be a KYC for more than three years. He also provides “proof of transactions for his KYC gigs,” along with links to the specialty marketplaces where he obtains his illicit clients.

However, through this investigation, researchers were able to monitor the activities of over 20 over-the-counter (OTC) underground marketplaces. The majority of OTC was found on Telegram and Discord, as well as other simple phone-based applications and job postings on gig websites.

Moreover, CertiK has calculated that “the global prevalence of these OTC marketplaces is significant,” with a high concentration in Southeast Asia and group sizes ranging from 4,000 to 300,000 members. In addition, there are an incredible number of over half a million (500,000) people who are either buying or selling these illicit currency exchanges.

Furthermore, the firm also claimed that more than 40 sites offer “KYC badges” to assess the potential risks of a project before investing. The latest statistics show that over 2,000 such credentials have been issued through these sites so far. But CertiK considers these services worthless.

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