CoinsPaid Faces Second Security Breach in Six Months, Unauthorized Transactions Totaling $7.5 Million Detected

Last updated: January 8, 2024 01:54 EST . 2 min read Disclosure: Crypto is a high-risk asset class. This article is provided for informational purposes and does not constitute investment advice. By using this website, you agree to our terms and conditions. We may utilise affiliate links within our content, and receive commission.

Source: AdobeStock / Sergey Nivens

The Estonian payment processor for digital assets, CoinsPaid, has suffered its second security breach in the last six months, with unauthorized transactions totaling almost $7.5 million,  web3 security firm Cyvers reported.

Cyvers’ artificial intelligence system identified multiple irregular transactions at 1:26 pm GMT on January 6, resulting in the withdrawal of $6.1 million worth of digital assets, including Tether (USDT), Ether (ETH), USD Coin (USDC), and CoinsPaid’s native token CPD.

The attacker reportedly swapped around 97 million CPD tokens, valued at approximately $368,000, for ETH and subsequently transferred the funds to externally owned accounts (EOAs) and various crypto exchanges, including MEXC, WhiteBit, and ChangeNOW.