Coinsbuy, a crypto payments platform, reportedly lost more than $7.9 million after wallets linked to the service were drained on Ethereum and Tron. The incident was first flagged by blockchain investigator Specter Analyst, who said the theft took place at around 13:00 UTC.

Following the reported breach, Coinsbuy temporarily halted deposits and withdrawals before later restoring services. The reported outflow adds to a growing count of crypto security incidents in 2026, even as total losses for the year so far remain below the levels seen in the previous year.

Attack surfaced through on-chain monitoring

According to the report, Specter Analyst identified wallet activity tied to Coinsbuy and traced the loss to addresses on both Ethereum and Tron. The investigator shared the findings on Telegram and published the addresses linked to the theft.

The report describes the incident as the largest crypto hack recorded so far in August. No additional public breakdown of the losses by network was provided in the source material.

Platform paused transactions, then resumed

Coinsbuy responded to the incident by pausing deposits and withdrawals shortly after the reported theft. Those services were later resumed, indicating that the platform restored basic account operations after the initial response.

The source article does not provide further details on how the wallets were compromised or whether customer funds, treasury assets, or both were affected. It also does not include a statement from Coinsbuy explaining the cause of the breach.

Stolen funds reportedly moved through exchanges

After the wallets were drained, the attacker reportedly began laundering the assets by routing them through exchanges and converting them into Monero, a cryptocurrency often associated with privacy-preserving transfers. The movement of funds was part of the on-chain activity highlighted by Specter Analyst.

One recovery effort was noted in the report: ChangeNOW reportedly froze a six-figure amount connected to the stolen funds. The exact value of the frozen amount was not specified in the source article.

Hack count rises as losses remain below 2025 pace

The Coinsbuy incident lands in a year that has seen a higher number of crypto hacks, but not a matching increase in total value stolen. Through the first half of 2026, the report says the number of hacks rose to 207.

Even with that increase, aggregate losses through H1 2026 were about $972 million, well below the roughly $2.3 billion reported for the same period a year earlier. The source also notes that crypto losses in June exceeded $247 million, making it the second-costliest month of 2026 so far, behind April, when losses reached about $644.85 million.

What is confirmed so far

At this stage, the confirmed points in the report are limited to the estimated $7.9 million loss, the timing of the attack at around 13:00 UTC, Coinsbuy's temporary suspension and resumption of deposits and withdrawals, and the reported freezing of a six-figure sum by ChangeNOW.

Any fuller assessment of the breach will depend on whether Coinsbuy releases more information about the affected wallets, the scope of losses, and possible recovery efforts. Until then, the incident stands as another example of the steady pressure from wallet compromises and thefts across the crypto sector in 2026.

Source: beincrypto.com