Coinsbuy, a cryptocurrency platform, suffered a security breach on Sunday that led to unauthorized withdrawals from client accounts. The company says it has covered all affected funds and is now offering a $100,000 reward for information leading to those responsible.
What Coinsbuy said
In a statement, Coinsbuy confirmed that unauthorized withdrawals were made from the platform. The company said it moved quickly to make sure no client lost money, covering the full amount of the stolen funds. It also announced the reward, hoping to encourage anyone with details about the breach to come forward.
"We take this incident seriously and are doing everything we can to protect our users," the company said, though it did not provide further details on how the breach happened or how many accounts were affected.
The scale of the theft
An onchain investigator, who tracks blockchain transactions, estimated that more than $7.9 million was taken. That figure has not been independently confirmed, but it gives a sense of the size of the loss. The investigator's estimate is based on tracing the movement of funds from Coinsbuy's wallets to external addresses.
The breach happened on a Sunday, a day when trading volumes are often lower and staffing may be reduced. That timing could have given the attackers a window to move funds before the company could react.
What happens next
Coinsbuy is now working with law enforcement and blockchain security firms to trace the stolen assets. The $100,000 reward is unusual in its size, suggesting the company is eager to resolve the case quickly. It's not clear whether the reward will be paid for a tip that leads to an arrest, a conviction, or the recovery of the funds.
For now, the company says all client balances have been restored. But the incident raises questions about how the platform's security measures held up, and whether other exchanges might face similar threats. Coinsbuy has not said whether it will change its security protocols or when it expects to release a full report on the breach.
