Coinsbuy loses $7.9 million in a hack: incident details and the growing threat to the crypto market
The cryptocurrency platform Coinsbuy has suffered a large-scale attack, as a result of which attackers managed to withdraw funds totaling $7.9 million. This event has become another alarming signal for the industry, demonstrating the vulnerability of even those services that position themselves as reliable gateways for working with digital assets.
Details of the hack and the platform's first steps
The attack was recorded on August 9 at approximately 4:00 PM Moscow time. The attackers gained access to Coinsbuy's hot wallets on the Ethereum (ETH) and Tron (TRX) networks, which indicates a sophisticated multi-layered hacking technique. In response to the incident, the platform promptly suspended the processing of deposits and withdrawals, but soon resumed operations, which may indicate an attempt to minimize panic among users.
According to my data, the hacker has already begun moving the stolen assets through decentralized exchanges and converting them into Monero (XMR), a coin with enhanced anonymity, which significantly complicates transaction tracking. Part of the funds was frozen on the ChangeNOW service, which blocked a six-figure sum linked to the stolen assets. However, this is only a small fraction of the total damage.
Addresses associated with the incident
During the analysis, I identified the following wallets that were likely used by the attackers to withdraw funds:
- 0x4d1bEF2Fe998B3E3C4029EF9EA6A0534d95661d3
- 0x66790b54B891e2ebdef58a15B969Ff6fb4374b17
- TVpX9xCzrj6KHeNhhDJoqjzEqFMxdgubGR
Statistics: the number of attacks is rising, but losses are declining
This hack has become the largest in August, but it fits into a broader trend. In the first half of 2026, 207 security incidents were recorded, which is twice as many as the 83 cases during the same period last year. However, the total damage has decreased: hackers stole about $972 million, whereas a year earlier this figure exceeded $2.3 billion. A significant role in last year's statistics was played by the $1.5 billion Bybit hack, which distorted the overall picture.
June 2026 showed losses of $247 million, second only to April's $644.85 million. The trend toward more frequent attacks but lower "effectiveness" suggests that the industry is gradually learning to defend itself, yet attackers are adapting faster.
My expert opinion: the Coinsbuy incident highlights the critical importance of cold storage of funds and multi-factor authentication for all services handling client assets. As long as platforms rely on hot wallets, such hacks will continue. Investors should reassess their risks and prefer projects with transparent security systems and insurance funds.