Crypto exchange Coinsbuy loses $8 million in coordinated two-blockchain attack
Reported by CoinDesk · AI-assisted summary by ChikoCorp AI News Desk
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Summary
Crypto exchange Coinsbuy was hacked on August 9, resulting in a loss of $8.07 million across the TRON and Ethereum blockchains. The attacker drained multiple wallets containing USDT and ETH within an hour, using the cross-chain swapper Bridgers to link the operations. Most stolen funds were routed through the instant exchange FixedFloat, while ChangeNOW froze a portion of the assets. Coinsbuy replenished the drained wallets within 24 hours, suggesting private keys were not compromised.
Why it matters
The attack shows the increasing complexity and coordination of cross-chain exploits in the crypto industry, with attackers using multiple blockchains and services to launder stolen funds quickly. The incident contributes to the rising total theft in the sector, which had already reached approximately $972 million by late July. The paralysis of some stolen funds highlights some effective intervention by downstream services like ChangeNOW.
Key context
The attacker began with a small transaction on TRON before emptying several wallets containing dollar-pegged stablecoins and ETH. By linking operations on TRON and Ethereum via Bridgers and swapping stolen assets through 1inch and FixedFloat, the hacker executed a rapid, multi-step cash-out. Coinsbuy's quick wallet refill implies the breach did not involve compromised private keys, but the exact method of unauthorized withdrawal remains unknown.
Key numbers and entities
Coinsbuy exchange lost $8.07 million. The stolen assets included 6.04 million USDT on TRON, 1.89 million USDT and 77 ETH on Ethereum. About 79% of these funds went through FixedFloat using ~50 single-use addresses. ChangeNOW froze a six-figure amount. Roughly 282 ETH (about $542,000) across five addresses remain unmoved. The attack was linked by cross-chain swapper Bridgers and involved the 1inch exchange. The industry theft total cited was approximately $972 million through late July.
What remains unclear
Coinsbuy has not publicly explained how the attacker accessed the withdrawal path or the precise attack vector. It is also unclear who was behind the attack. The exchange has not issued a public statement, and no further technical details have been disclosed. The source does not flag any additional open questions.