Coinsbuy Exchange Exploit Drains $8 Million via Cross-Chain Swap Route — Wayfinder Crypto General
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Coinsbuy Exchange Exploit Drains $8 Million via Cross-Chain Swap Route
Centralized crypto exchange Coinsbuy suffered an $8 million exploit on August 9, 2026, with funds drained in under an hour. Security researchers noted the attacker avoided traditional smart contract bugs or phishing, relying instead on a $0.05 test transaction and rapid cross-chain swap routing to cash out. The breach contributes to a surge in crypto security incidents, following DefiLlama tracking that logged $247.4 million in total industry exploit losses during July 2026.
"The Coinsbuy hack didn’t rely on a smart contract bug or a phishing email. It relied on patience, a five-cent test transaction, and a cross-chain swap route that let the attacker cash out"
Sources:shattered.io