Russell Wilson, the CEO and founder of the Australian cryptocurrency exchange CoinSpot, has cashed out over half a billion dollars worth of profits from his exchange over the past two years. These gains spring from the exchange’s profitable business in the country.
What is CoinSpot?
CoinSpot is an Australian crypto exchange that offers over 400 crypto assets to around 2.5 million customers. The digital asset custodian platform is only available to Australian residents. CoinSpot also features a reduced transaction fee of 0.1%.
It was founded by former IT consultant Russell Wilson in 2013. The exchange is owned and controlled by Casey Block Services Pty Ltd. CoinSpot is headquartered in a single-storey building in Melbourne, Australia.
The exchange is endorsed by Blockchain Australia, the country’s leading blockchain development and consulting company, which is expected to bolster users’ trust in the platform.
CoinSpot CEO Pockets $538M
Following 2021’s bull run, CoinSpot recorded a $334.6 million in net profit. In 2022, the exchange also recorded a $292 million profit despite the bearish trends that enveloped the year. These profits rubbed off on the dividends entitled to shareholders of the company.
Russell Wilson, being the largest shareholder with 77%, accrued a total of $538 million over the past two years. Despite the profits he owns, the CoinSpot boss strongly maintains a low profile, having very few public pictures of himself.
Other shareholders of the company include CoinSpot co-founder Brendan Halfpenny, who holds 10% and Wilson’s relatives, Clinton and Cindy, who hold 3% each.
CoinSpot Survives $37M Exploit
In 2017, James Parker, an England-based unemployed man, discovered a glitch on CoinSpot and began exploiting it to steal nearly $3.5 million. He proceeded to embark on a spending spree, buying things for friends and random people.
Recruiting a team of friends to join in benefiting from the flaw in CoinSpot’s system, the group siphoned a total of $37 million within four months. That was when Wilson and his team discovered and began a fund recovery process.
After years-long efforts to retrieve the funds and prosecute the thieves, Parker’s accomplices were apprehended and jailed in January 2023 for a total of 15 years. Parker, on the other hand, died in January 2021 before he could face trial in court.
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