Coinsbuy confirms hack as investigator reports $7.9M stolen

Wallets linked to crypto payments platform Coinsbuy were reportedly drained of more than $7.9 million across Ethereum and TRON on Sunday.

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

Incorporated in Panama, Coinsbuy is a crypto payments platform that provides businesses with infrastructure to accept, store, send and exchange digital assets.

Related: BTCPay restricts remote Lightning access after attackers steal funds

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.

Magazine: Do the Coldcard attacks mean all hardware wallets are now insecure?

Cointelegraph is committed to independent, transparent journalism. This news article is produced in accordance with Cointelegraph’s Editorial Policy and aims to provide accurate and timely information. Readers are encouraged to verify information independently.