Coinsbuy loses $7.9 million in a cross-chain hack

Wallets linked to crypto payment platform Coinsbuy were drained of more than $7.9 million in a suspected exploit that hit Ethereum and TRON almost simultaneously, around 21:00 Beijing time. Blockchain monitoring firm Specter first flagged the unusual outflows, and on-chain data indicates the attacker had access to systems or private keys spanning both networks.

The attacker moved quickly to launder the proceeds, routing funds through exchanges including ChangeNOW, FixedFloat and BingX before converting a portion into monero. Working with Specter, ChangeNOW managed to freeze a six-figure sum before it could be fully converted, a small fraction of the total amount stolen. Coinsbuy temporarily halted deposits and withdrawals following the incident; its services have since been restored, and the exact method of unauthorised access remains unconfirmed.

A cross-chain drain hitting two unrelated networks in the same window points to compromised credentials or infrastructure rather than a flaw in either blockchain itself, which is why the fix sits with Coinsbuy's own security review rather than with Ethereum or TRON.