Coinsbuy Offers $100,000 Reward After Hack Drains $7.9 Million From Ethereum And TRON Wallets

Crypto payments platform Coinsbuy offered a $100,000 reward for information identifying those behind unauthorized withdrawals that reportedly drained more than $7.9 million from its Ethereum and TRON wallets on Aug. 9.

“Coinsbuy has offered a $100,000 reward for information identifying those behind unauthorized withdrawals”

Crypto News

Coinsbuy said it covered affected client funds using its reserves, writing, "All affected client funds have been fully covered by Coinsbuy from our own reserves, so our users have not experienced any financial losses."

AMBCrypto

Blockchain investigator SpecterAnalyst initially reported that Coinsbuy-linked wallets lost more than $7.9 million across Ethereum and TRON at around 13:00 UTC on Sunday, and PeckShield later traced parts of the funds through ChangeNOW, FixedFloat, and BingX.

Coinsbuy temporarily suspended deposits and withdrawals after detecting the activity, and the company said the platform was operating normally again with services fully available.

While Coinsbuy has not disclosed the attack method, GoPlus Security said the cross-chain withdrawals appeared consistent with compromised hot-wallet keys or administrator access, though that assessment remains unconfirmed.

The PYMNTS report, citing CoinDesk, described the attacker beginning with a 5 USDT transaction and siphoning 6.04 million USDT from eight TRON wallets in the space of an hour, while on Ethereum three wallets were simultaneously emptied of 1.89 million USDT and 77 ETH.

Bitcoin World

PYMNTS also quoted Coinsbuy telling CoinDesk that the breaches have been "contained" and that "all affected amounts have been covered in full by the company from its own reserves."

ForkLog reported that within about an hour the attacker withdrew $6.04 million USDT from eight TRON wallets and simultaneously drained three Ethereum addresses of $1.89 million USDT and 77 ETH, with funds exchanged for 981.1 ETH through 1inch using a wallet created within the same hour.

Investigators traced stolen assets through exchanges including ChangeNOW, FixedFloat, and BingX, and the funds were reportedly converted into Monero, with Coinsbuy restoring deposits and withdrawals but not disclosing the attack method.

“ChangeNOW froze 150 ETH (around $288,000 at the time of publication)”

ForkLog

ForkLog said ChangeNOW froze 150 ETH (around $288,000 at the time of publication) after Specter Investigations intervened, and it also reported that another 282 ETH (approximately $542,000) remained unmoved across five addresses.

The Crypto News report said Coinsbuy restored deposits and withdrawals but has not disclosed the attack method, and it added that the reported loss, precise attack vector, and amount recovered remain unresolved.

Cointelegraph reported that Coinsbuy confirmed the Aug. 9 security incident, offered the $100,000 reward for information leading to identification of those responsible, and said it would not disclose technical details until its investigation is complete and its findings have been verified.