Coinsbuy loses over $8M in funds drained by attacker who laundered proceeds through Monero

Coinsbuy, a digital asset processing platform built for enterprise and merchant clients, was hit with a major security breach that drained more than $7.9 million from wallets across the Ethereum and TRON networks. The attack, identified on August 10, marks the first publicly known hack of the platform since it launched around 2019.

What makes this one particularly thorny for investigators: the attacker funneled a portion of the stolen crypto into Monero, the privacy coin specifically designed to make transaction tracing as difficult as possible.

How the attack unfolded

On-chain monitoring by Specter flagged suspicious activity tied to Coinsbuy-linked wallets, revealing that funds were being systematically drained across two of the industry’s most widely used networks. The attacker targeted assets on both Ethereum and TRON, suggesting either compromised private keys or a vulnerability in how Coinsbuy managed its multi-chain wallet infrastructure.

After siphoning the funds, the hacker moved quickly to obscure the trail. Portions of the stolen crypto were routed through various exchanges and converted into Monero (XMR), a coin whose privacy features make it notoriously resistant to blockchain forensics.

Damage control and frozen funds

Coinsbuy partnered with ChangeNOW, a non-custodial crypto exchange, to freeze a six-figure sum of the stolen assets before the attacker could fully liquidate them.

As a precautionary measure, Coinsbuy temporarily suspended all deposit and withdrawal services across its platform. The pause was relatively brief, with operations restored shortly after.

Current investigations suggest the breach was an isolated incident rather than evidence of some deeper systemic vulnerability within Coinsbuy’s infrastructure.

Why enterprise crypto platforms are increasingly in the crosshairs

Coinsbuy occupies a specific niche in the crypto ecosystem. Rather than serving retail traders, it provides digital asset processing tools for businesses and merchants. The platform has operated in this space since roughly 2019, largely flying under the radar of the broader crypto community.

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