Coinsbuy Suffers $8M Hack, Attacker Uses Monero to Evade Detection

Crypto platform Coinsbuy has suffered a major security breach that resulted in over $8 million being drained from its Ethereum and TRON wallets. The attack, which was identified on August 10, marks the first publicly known hack of the platform since it launched around 2019.

The attacker moved quickly to obscure the trail by converting some of the stolen crypto into Monero (XMR), a coin known for its privacy features that make transaction tracing extremely difficult. This has made it challenging for investigators to track down the stolen funds and identify the perpetrator.

Coinbuy partnered with ChangeNOW, a non-custodial crypto exchange, to freeze a portion of the stolen assets before they could be fully liquidated. The platform temporarily suspended all deposit and withdrawal services as a precautionary measure, but operations were restored shortly after.