CoinSpot Account Hacked borgy63

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CoinSpot Exchange

On November 8, 2021, a Reddit user named borgy63 reported that their CoinSpot account had been hacked, resulting in the theft of over $1239 worth of assets. They shared the address where the stolen funds were sent and sought assistance in tracing it. Some users sympathized with borgy63, acknowledging that scams and hacks are unfortunately common in the cryptocurrency space. They expressed frustration with exchanges' inability to trace disputed transactions and the overall security flaws in the crypto industry. Suggestions were made to improve security measures, such as implementing a 24-hour block on transfers or utilizing cold storage. The conversation also touched upon the differences between crypto and traditional banking, with some users expressing a desire for safer storage options. The discussion concluded with borgy63 expressing gratitude for the helpful advice and wishing others success in their crypto endeavors.

About CoinSpot

My CoinSpot Account Was Hacked on Monday November 8th 2021

This is the address where over $1239 of my assets were stolen, this is the address the thief sent it to , If anyone can assist please do. If you are another useless fool keep away. Unfortunately Crytpto is on shaky grounds if this person cannot be traced. That address does not appear on Etherscan explorer,does anyone know how to trace it?"

This exchange or platform is based in Australia, or the incident targeted people primarily in Australia.

The background of the exchange platform, service, or individuals involved, as it would have been seen or understood at the time of the events.

Include:

• Known history of when and how the service was started.
• What problems does the company or service claim to solve?
• What marketing materials were used by the firm or business?
• Audits performed, and excerpts that may have been included.
• Business registration documents shown (fake or legitimate).
• How were people recruited to participate?
• Public warnings and announcements prior to the event.

Don't Include:

• Any wording which directly states or implies that the business is/was illegitimate, or that a vulnerability existed.
• Anything that wasn't reasonably knowable at the time of the event.

There could be more than one section here. If the same platform is involved with multiple incidents, then it can be linked to a main article page.

The Reality

This sections is included if a case involved deception or information that was unknown at the time. Examples include:

• When the service was actually started (if different than the "official story").
• Who actually ran a service and their own personal history.
• How the service was structured behind the scenes. (For example, there was no "trading bot".)
• Details of what audits reported and how vulnerabilities were missed during auditing.

What Happened

The specific events of the loss and how it came about. What actually happened to cause the loss and some of the events leading up to it.

Key Event Timeline - CoinSpot Account Hacked borgy63

Date	Event	Description
November 7th, 2021 3:16:00 PM MST	Transfer To Thief Wallet	The blockchain transaction occurs transferring 17.21677193 DOT into the attacker's wallet.
November 7th, 2021 3:32:00 PM MST	Transfer From Thief Wallet	Another blockchain transaction removes the funds from the attacker's wallet.
November 8th, 2021	Account Hacked	The account is reportedly hacked.
November 8th, 2021 7:09:57 PM MST	First Comment On Reddit	borgy63 expresses their dissatisfaction after being hacked on November 8, 2021, resulting in a loss of over $1600 on CoinSpot. They question the safety and security of cryptocurrency exchanges, emphasizing the responsibility of exchanges to trace and safeguard users' funds. The user believes that if they did not authorize the transactions and were hacked, they should be compensated by the exchange. They conclude by stating their unhappiness with the situation.
November 19th, 2021 8:52:28 PM MST	Dodged 2FA Question	The Reddit user, borgy63, responds to a question about whether they had 2FA enabled on their CoinSpot account by expressing their frustration and stating that no one is providing assistance. They provide the address where their stolen assets were sent and ask for help in tracing it. They express disappointment in the lack of support from exchanges and emphasize the importance of tracing the thief's address for the stability of the cryptocurrency industry.
November 19th, 2021 8:58:58 PM MST	Reddit Post	Event posted to Reddit.

Technical Details

This section includes specific detailed technical analysis of any security breaches which happened. What specific software vulnerabilities contributed to the problem and how were they exploited?

Total Amount Lost

borgy63 has provided the following clues about their balance lost:

A blockchain address 14DWZsL1DZJVRKwm7DPMReFYdVYm69vmQNGbuHR7DAguhvau, however they did not indicate which chain this address is for. It is the correct format of a PolkaDot address with a transaction history.

They report their losses as either $1,600 or $1,238.

The total amount lost has been estimated at $2,000 USD.

Immediate Reactions

How did the various parties involved (firm, platform, management, and/or affected individual(s)) deal with the events? Were services shut down? Were announcements made? Were groups formed?

Original Reddit Comment

borgy63 first posted a comment stream on Reddit.

I was hacked Monday 8 November 2021 I lost over $1600 on CoinSpot. I am not pleased, if this is how cryptocurrency is run it will have a poor future. If an exchange cannot trace where your funds have disappeared to then the question is “ is cryptocurrency safe or is it easy for exchange to say it’s your fault we can’t trace it because the crypto world security of your funds is debatable”

The $1600 loss meant a lot to me.

If I didn’t make the transactions I should be compensated because the exchange is the minder of my funds. Terms and conditions mean nothing if funds disappear when I did not authorise it because I was hacked.

Not happy

My CoinSpot Account Was Hacked on Monday November 8th 2021

This is the address where over $1239 of my assets were stole this is the address the thief sent it to , If anyone can assist please do. If you are another useless fool keep away. Unfortunately Crytpto is on shaky grounds if this person cannot be traced. That address does not appear on Etherscan explorer,does anyone know how to trace it?

the address of the thief of anyone can help trace it would be useful because exchanges have no interest in assissting.

Reactions On Reddit

it’s disappointing when exchanges can not do anything . I know how you fell as I was scammed only a few months ago . Police will likely close the case without reaching out to exchanges . Don’t give up . Let this be a expensive lesson and try move on. Scams and hacks will happen more often unfortunately

Ultimate Outcome

What was the end result? Was any investigation done? Were any individuals prosecuted? Was there a lawsuit? Was any tracing done?

Total Amount Recovered

There do not appear to have been any funds recovered in this case.

What funds were recovered? What funds were reimbursed for those affected users?

Ongoing Developments

What parts of this case are still remaining to be concluded?

Individual Prevention Policies

No specific policies for individual prevention have yet been identified in this case.

For the full list of how to protect your funds as an individual, check our Prevention Policies for Individuals guide.

Platform Prevention Policies

Policies for platforms to take to prevent this situation have not yet been selected in this case.

For the full list of how to protect your funds as a financial service, check our Prevention Policies for Platforms guide.

Regulatory Prevention Policies

No specific regulatory policies have yet been identified in this case.

For the full list of regulatory policies that can prevent loss, check our Prevention Policies for Regulators guide.