Ethereum
Coinsbuy reimburses clients after $7.9m security breach, offers $100k reward
The payments platform restored services after Sunday unauthorized withdrawals but has not confirmed the theft figure cited by an onchain investigator.
Coinsbuy confirmed a security incident on August 9 that resulted in unauthorized withdrawals from multiple platform wallets. An onchain investigator, SpecterAnalyst, estimated the theft at $7.9 million across Ethereum and TRON networks. The company has not confirmed or disputed this figure.
Coinsbuy temporarily suspended deposits and withdrawals following the breach before restoring both services. SpecterAnalyst tracked three addresses linked to the stolen funds—two on Ethereum and one on TRON—and noted that the attacker had begun converting assets into Monero through exchanges. The exchange ChangeNOW froze a six-figure portion of the assets.
The Panama-incorporated payments platform, which provides businesses with infrastructure to accept, store, send and exchange digital assets, confirmed it will cover all affected client funds. It offered a $100,000 reward for information identifying those responsible, plus an additional bonus for assistance recovering the stolen assets. The company said it is investigating the incident but will withhold technical details until the investigation concludes and findings are verified.
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