Coinsbuy loses $7.9 million in a wallet hack: incident analysis and the rise of threats
The Coinsbuy platform suffered serious losses of $7.9 million after a cryptocurrency wallet hack. The incident affected assets linked to the service's payment infrastructure on the Ethereum (ETH) and Tron (TRX) networks. Blockchain analyst Specter Analyst was the first to notice the anomaly and promptly published the data in his Telegram channel.
Hack details and platform response
The attack was recorded at approximately 4:00 PM Moscow time on August 9. In response to the incident, Coinsbuy temporarily suspended processing of deposits and withdrawals, but later resumed service operations. The attacker has already begun moving the stolen funds, using exchanges and converting assets into Monero (XMR) to hinder tracking. Part of the stolen funds was frozen by the ChangeNOW platform, which blocked a six-figure sum linked to the attack.
The analyst also disclosed addresses allegedly connected to the theft:
- 0x4d1bEF2Fe998B3E3C4029EF9EA6A0534d95661d3
- 0x66790b54B891e2ebdef58a15B969Ff6fb4374b17
- TVpX9xCzrj6KHeNhhDJoqjzEqFMxdgubGR
Trends in crypto market security
This hack became the largest in August, according to DefiLlama data, and added to statistics showing an alarming rise in the number of attacks. In the first half of 2026, 207 incidents were recorded—twice as many as the 83 cases during the same period last year. However, despite the increase in attack frequency, the total volume of losses declined: from January to June 2026, hackers stole approximately $972 million, whereas a year earlier that figure exceeded $2.3 billion. The $1.5 billion Bybit hack had a significant impact on the 2025 statistics.
The Coinsbuy incident occurred against the backdrop of a series of losses in the cryptocurrency industry. In June, losses exceeded $247 million, second only to April, when hackers withdrew approximately $644.85 million.
My take: The rise in the number of attacks alongside a decline in their scale points to an evolution in attackers' tactics—they are increasingly targeting less protected platforms rather than major exchanges. This underscores the critical importance of strengthening security measures for medium and small services, which often remain outside the focus of regulators and auditors.