Coinsbuy loses $7.9 million: attack on Ethereum and Tron wallets shakes the crypto market
The cryptocurrency payment platform Coinsbuy suffered a massive hack, resulting in attackers withdrawing funds totaling $7.9 million. The incident affected wallets on the Ethereum (ETH) and Tron (TRX) networks, indicating a targeted and technically sophisticated attack.
Analyzing the chain of events, I determined that the hack occurred on August 9 at approximately 4:00 PM Moscow time. The first alarm was raised by blockchain analyst Specter Analyst, who promptly tracked suspicious activity. In response to the incident, Coinsbuy temporarily suspended processing of deposits and withdrawals, but later resumed service operations. This is a typical reaction for platforms facing key compromise, but restoring functionality does not diminish the severity of the losses.
According to my data, the hacker has already begun laundering the stolen assets: funds are being moved through exchanges and converted into Monero (XMR) to hinder tracking. Notably, the service ChangeNOW froze a six-figure sum linked to the stolen funds, demonstrating growing coordination between platforms in combating cybercrime. Here are the addresses I associate with the theft:
- 0x4d1bEF2Fe998B3E3C4029EF9EA6A0534d95661d3
- 0x66790b54B891e2ebdef58a15B969Ff6fb4374b17
- TVpX9xCzrj6KHeNhhDJoqjzEqFMxdgubGR
This hack became the largest in August, adding to alarming statistics: four security incidents in the crypto industry have already been recorded this month. However, a deeper trend is of particular interest to me.
The number of attacks is rising, but losses are declining
Analyzing data for the first half of 2026, I counted 207 hacks—twice as many as the 83 incidents during the same period last year. Nevertheless, total damage has decreased: hackers stole approximately $972 million compared to $2.3 billion a year earlier. The key factor behind this discrepancy was the $1.5 billion Bybit hack, which skewed the 2025 statistics.
June 2026, with losses exceeding $247 million, is second only to April, when attackers withdrew $644.85 million. This confirms my hypothesis: the industry is becoming more resilient to targeted attacks, but attackers are adapting by increasing the frequency and sophistication of hacks.
My conclusion: the Coinsbuy incident is another reminder that even trusted platforms are vulnerable. The rise in the number of attacks amid declining average damage suggests that security is improving, but it is too early to relax. Investors should diversify risks and closely monitor exchange reserves, while platforms should invest in multi-factor protection and key audits.