Coinsbuy Absorbs $8M Hack Losses, Vows Full Client Coverage

Woofun AI reports that a coordinated breach targeting TRON and Ethereum networks resulted in an $8 million loss for exchange Coinsbuy on Aug. 9. This incident highlights the vulnerability of cross-chain liquidity pools to sophisticated, multi-vector attacks.

The operation commenced with a nominal 5 USDT transaction before escalating to drain eight TRON wallets of 6.04 million USDT within an hour. Simultaneously, three Ethereum wallets were emptied of 1.89 million USDT and 77 ETH, which were immediately swapped via 1inch through a newly created wallet.

Woofun AI data shows the two chains were linked through cross-chain swapper Bridgers, whose Ethereum payout contract sent funds directly into the Ethereum swap wallet, connecting what appeared to be separate operations into a single incident. The attacker routed some 79% of the stolen funds through instant exchange FixedFloat using roughly 50 single-use addresses. ChangeNOW separately froze a six-figure sum after being contacted by Specter Investigations. Around 282 ETH, roughly $542,000, across five addresses remains unmoved.

Within 24 hours, Coinsbuy refilled the drained wallets to within 0.05% of their pre-attack balances — behavior researchers say indicates the team does not believe private keys were compromised. The attack vector has not been established. Coinsbuy stated that the incident has been "contained" and that "all affected amounts have been covered in full by the company from its own reserves." The company added: "No client has borne any loss. The platform is stable and operating normally. Investigation is underway, and we cannot disclose further technical details at this stage."

The incident adds to an increasingly costly year for the industry, which had already seen roughly $972 million stolen across the sector through late July. UPDATE, Aug 10, 12:43 UTC: Adds comment from Coinsbuy. This marks another significant data point in the ongoing trend of exchanges absorbing hack liabilities to preserve user trust.