Coinsbuy Hacked for $7.9M, Offers $100K Bounty
Crypto payments platform Coinsbuy suffered a security breach on Sunday, with over $7.9 million drained from Ethereum and TRON wallets. The company covered all client losses and offered a $100,000 reward for identifying the attacker, while ChangeNOW froze a portion of the stolen funds.
Quick Take
Over $7.9M stolen from Coinsbuy wallets on Ethereum and TRON.
Attacker moved funds to Monero via exchanges; ChangeNOW froze a six-figure sum.
Coinsbuy covered all client losses from reserves, restoring services fully.
Platform offers $100,000 reward and bonus for recovery information.
Market Impact Analysis
BearishThe breach highlights security risks in crypto payment platforms, potentially reducing trust, but the swift mitigation and fund coverage limit broader market impact.
Speculation Analysis
According to a Telegram post from blockchain investigator SpecterAnalyst, the attacker began moving the stolen funds into Monero through exchanges, while ChangeNOW helped freeze a six-figure portion of the assets.
Coinsbuy temporarily paused deposits and withdrawals following the incident before restoring both services, according to SpecterAnalyst. The investigator identified three addresses linked to the stolen funds, including two Ethereum addresses and one TRON address.
Source: SpecterAnalyst, Telegram
Source: SpecterAnalyst,
Telegram
Incorporated in Panama, Coinsbuy is a crypto payments platform that provides businesses with infrastructure to accept, store, send and exchange digital assets.
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Coinsbuy covers client losses, offers $100K reward
Coinsbuy covers client losses, offers $100K reward
Coinsbuy confirmed the Aug. 9 security incident in a statement shared with Cointelegraph, saying unauthorized withdrawals affected several platform wallets. The company wrote:
All affected client funds have been fully covered by Coinsbuy from our own reserves, so our users have not experienced any financial losses. The platform is back to operating normally, with all services fully available.
It is investigating the incident but said it will not disclose technical details until the investigation is complete and its findings have been verified. The company did not confirm or dispute the reported $7.9 million figure.
Coinsbuy also offered a $100,000 reward for information leading to the identification of those responsible, plus an additional bonus for help recovering the stolen funds.
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