Crypto payments platform Coinsbuy confirmed a security incident on August 9, where unauthorized withdrawals drained over $7.9 million from platform wallets. The company stated all client funds were covered from its reserves and services have been restored. Coinsbuy is offering a $100,000 reward for information leading to the identification and recovery of the stolen assets.
The incident highlights ongoing security risks in the cryptocurrency space and the financial impact of hacks on digital asset platforms. Coinsbuy's commitment to covering client losses demonstrates a customer-centric approach to managing such breaches, while the reward offer underscores the difficulty in tracing and recovering stolen digital assets.
Crypto payments platform Coinsbuy confirmed a security incident on August 9, where unauthorized withdrawals drained over $7.9 million from platform wallets across the Ethereum and TRON blockchains. Blockchain investigator SpecterAnalyst reported that the attacker began moving the stolen funds into Monero, with a six-figure portion of the assets frozen by ChangeNOW. Coinsbuy temporarily paused deposits and withdrawals following the incident before restoring both services. The company stated that all affected client funds have been fully covered by Coinsbuy from its own reserves, ensuring users experienced no financial losses. Coinsbuy is investigating the incident and has offered a $100,000 reward for information leading to the identification of those responsible and an additional bonus for help recovering the stolen funds. The platform is operating normally with all services fully available.