Industry News

Crypto Exchange Coinsbuy Loses $8M in Cross-Chain Hack

Crypto Economy · 11 Aug 2026

Key Takeaway If your business holds or accepts cryptocurrency, use exchanges with strong security practices and monitor wallets closely, as stolen crypto can be laundered within hours.

Crypto exchange Coinsbuy was hit by a heist totalling approximately $8.07 million on August 9, with attackers draining wallets across both the Ethereum and Tron blockchains. Roughly 79% of the stolen funds—about $6.34 million—were quickly funnelled through FixedFloat, a cryptocurrency exchange service, while additional stolen ETH moved through ChangeNOW.

The use of instant swap services like FixedFloat and ChangeNOW is a common tactic among crypto thieves, allowing them to convert and move stolen assets across different cryptocurrencies and blockchains quickly, making the funds harder to trace and recover.

While this incident targeted a cryptocurrency exchange rather than a traditional business, it highlights the speed and sophistication with which cybercriminals can move stolen digital assets once a breach occurs. Any Australian business holding or transacting in cryptocurrency should be aware that recovery after such a theft is extremely difficult once funds are laundered through swap services.

Summarised by CISO AI from Crypto Economy. We link back to every original so you can read it yourself.