Coinsbuy confirms hack, 7.9 million dollars into Monero
Panama-based payments platform Coinsbuy lost more than 7.9 million dollars on 9 August, roughly 6.9 million euro, across Ethereum and TRON. Customers were covered from the firm's own reserves; that claim cannot be checked.
Coinsbuy, a Panama-incorporated platform that lets businesses accept, store and send crypto, was drained on 9 August. Blockchain investigator SpecterAnalyst put the total at more than 7.9 million dollars on Telegram, roughly 6.9 million euro, taken from wallets on Ethereum and TRON. Coinsbuy confirmed that unauthorised withdrawals hit several platform wallets, but neither confirmed nor disputed that figure.
Customers got their money back
The company says every affected client balance has been fully covered from its own reserves and that no user suffered a loss. That is the most important sentence in the whole story, and at the same time the one nobody can verify: there is no reserve audit and no proof of coverage, only the statement itself.
The proceeds moved on into Monero through exchanges. Swap service ChangeNOW froze a six-figure portion, a fraction of the total.
Third incident in two weeks
This is the third security story we have logged in two weeks, and the three sit on different layers. With Coldcard the flaw was in the firmware of a hardware wallet, with BTCPay Server in the authentication of self-hosted payment software, and here in a custodian holding keys on behalf of businesses.
That pattern says something. Self-custody carries the risk of your own device and your own seed. Outsourcing swaps that for the risk that the custodian gets hit, and for the question of whether it can absorb the blow. Both risks are real; they are simply not the same risk.
What it means for European users
Coinsbuy is not a European provider and does not fall under MiCA. A provider authorised in the EU must keep client assets separate from its own funds and has a competent authority that can enforce it. That does not make a hack impossible, but it does make "we covered it from our own reserves" something a third party can look at, rather than a promise on a website.
Sources: Cointelegraph (10 August 2026), Crowdfund Insider. Last checked: 11 August 2026.