Coinsbuy Confirms $7.9 Million Security Breach and Offers Reward
Coinsbuy has reported a significant security breach affecting its platform, with unauthorized withdrawals estimated at over $7.9 million. The incident, which occurred on August 9, involved wallets linked to the crypto payments platform being drained across Ethereum and TRON networks. Blockchain investigator SpecterAnalyst revealed that the attacker began transferring the stolen funds into Monero through various exchanges. Notably, ChangeNOW managed to freeze a portion of the stolen assets amounting to six figures.
In response to the breach, Coinsbuy temporarily halted all deposits and withdrawals but has since restored these services. The investigator identified three addresses associated with the stolen funds, including two on Ethereum and one on TRON. Coinsbuy, incorporated in Panama, provides businesses with the infrastructure needed to accept, store, send, and exchange digital assets.
In a statement to Cointelegraph, Coinsbuy confirmed the security incident and stated that it is actively investigating the matter. However, the company has not disclosed specific technical details regarding the breach and has not confirmed or denied the reported $7.9 million loss. To aid in the investigation, Coinsbuy is offering a $100,000 reward for information that leads to the identification of those responsible for the breach, along with an additional bonus for assistance in recovering the stolen funds.
