Hackers Drain $8 Million From Crypto Exchange Across Two Blockchains
The attacker moved funds across Tron and Ethereum before routing millions through crypto exchanges, while later wallet activity offers clues about how the breach occurred.
A hacker drained approximately $8 million from cryptocurrency exchange Coinsbuy in a coordinated attack spanning two major blockchain networks. According to on-chain data, the attacker systematically moved stolen funds across both the Tron and Ethereum blockchains before routing the assets through multiple crypto exchanges, a common tactic used to obscure the origin and trail of illicit funds.
The breach follows a pattern seen increasingly among centralized exchanges, where attackers exploit vulnerabilities in wallet infrastructure or internal access controls. Subsequent analysis of wallet activity linked to the incident has reportedly provided investigators with potential clues regarding how the attacker gained initial access to the platform's funds, though specific details surrounding the attack vector have not been publicly confirmed.
The incident adds to a growing tally of losses suffered by the crypto industry in 2024 and into 2025, reinforcing ongoing concerns about the security posture of smaller and mid-tier centralized exchanges. Security researchers have consistently highlighted that exchanges operating across multiple blockchain networks face an expanded attack surface, requiring robust monitoring across each chain simultaneously.
Investigators and blockchain analytics firms are expected to continue tracing the movement of funds through on-chain activity, and it remains to be seen whether any portion of the stolen assets can be frozen or recovered through exchange cooperation. Coinsbuy has not yet issued a detailed public statement addressing the full scope of the breach.
Source: Decrypt
