Payment Platform Coinsbuy Loses $7.9M in Cross-Chain Hack

A payment platform most retail crypto users have never heard of just became the latest reminder that infrastructure providers, not just exchanges, are squarely in attackers’ crosshairs.

Coinsbuy, a crypto payment platform, had wallets drained of more than $7.9 million across Ethereum and TRON around 13:00 UTC on August 9. The attacker began laundering the stolen funds through Monero, the privacy-focused cryptocurrency long favored for obscuring transaction trails, though exchange ChangeNOW managed to freeze a six-figure portion of the funds before they could be fully laundered.

Coinsbuy briefly halted deposits and withdrawals following the breach, a standard containment step, before restoring normal operations once the immediate threat was assessed.

The dual-chain nature of the theft, funds drained across both Ethereum and TRON rather than a single network, suggests either a compromise at the infrastructure or key-management level affecting multiple chains at once, rather than a narrower exploit tied to one specific blockchain’s smart contract logic.

ChangeNOW’s partial freeze is a small but meaningful win in an area where recovery is usually difficult once funds move through a privacy coin, and reflects a growing pattern of exchanges cooperating on rapid response when a theft is flagged quickly enough after the fact.

Want to understand how attackers actually launder stolen crypto through privacy coins like Monero? Learn more in the Bitcoin Academy.