Coinsbuy offers $100K reward after Sunday security breach
Reported by Cointelegraph · AI-assisted summary by ChikoCorp AI News Desk
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Summary
Crypto payments platform Coinsbuy suffered a security breach on Sunday, resulting in more than $7.9 million being drained from wallets across Ethereum and TRON. Security investigator SpecterAnalyst reported the attacker moved stolen funds into Monero using exchanges, while ChangeNOW successfully froze part of the assets. Coinsbuy temporarily halted deposits and withdrawals but has since restored all services and covered client losses from its own reserves. The company announced a $100,000 reward for information leading to the culprit and additional incentives for recovering the stolen funds.
Why it matters
The incident highlights ongoing security risks facing crypto payment platforms and the complexity of tracking stolen digital assets as attackers convert funds into privacy coins like Monero. Coinsbuy’s swift response, including covering client losses and rewarding tips, demonstrates industry efforts to maintain user trust and mitigate damage after breaches. This event may influence how similar platforms approach security protocols and customer protection.
Key context
Coinsbuy is incorporated in Panama and provides infrastructure for businesses to accept, store, send, and exchange digital assets. The attacker targeted multiple wallets linked to the platform, including two Ethereum addresses and one TRON address. The investigation is ongoing, and technical details have not yet been disclosed to avoid compromising the inquiry. ChangeNOW’s cooperation was instrumental in freezing part of the stolen funds.
Key numbers and entities
Coinsbuy, SpecterAnalyst (blockchain investigator), ChangeNOW (exchange service). The reported stolen amount is over $7.9 million across Ethereum and TRON networks. Coinsbuy offered a $100,000 reward for information leading to the identification of those responsible.
What remains unclear
Coinsbuy has not confirmed or disputed the exact stolen amount of $7.9 million. The platform is withholding technical details of the breach until the investigation is complete and findings are verified. The full extent of recovered assets beyond the six-figure portion frozen by ChangeNOW is not specified.