CoinsPaid Hacked for Almost $7.5 Million

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Last Updated on January 9, 2024 by Bitfinsider

Crypto payment gateway CoinsPaid has suffered its second security breach in six months. Cyvers, a web3 security business, claimed discovering approximately $7.5 million in illegal transactions.

On January 6, Cyvers’ AI system spotted anomalous transactions, enabling the withdrawal of $6.1 million in digital assets such as Tether (USDT), Ether, and USDC and CoinsPaid’s native token, CPD.

According to Cyver’s team on X (previously Twitter), the attacker exchanged around 97 million CPD tokens for ETH valued over $368,000 before transferring the proceeds to externally owned accounts (EOAs) and cryptocurrency exchanges MEXC, WhiteBit, and ChangeNOW.

CoinsPaid is an Estonian payment processor for digital assets that claims to have handled over 19 billion euros in cryptocurrency transactions. The corporation has yet to react on the incident.

In July 2023, the site experienced another security breach, resulting in the theft of more than $37 million. According to CoinsPaid, hackers deceived one of the company’s workers by conducting a bogus job interview. The worker reportedly accepted a job offer and downloaded malicious malware, enabling the bad actors to steal information and get access to CoinsPaid’s infrastructure.

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