Coinsbuy breach: $7.9M gone, Philippine exchange credibility tested

Coinsbuy, a crypto exchange operating in the Philippines, confirmed a security breach that resulted in unauthorized withdrawals. An onchain investigator estimated losses above $7.9 million. The exchange states it has covered all affected client funds from its own balance. It has posted a $100,000 reward for information leading to the attacker's identification.

The reward offer is significant for what it reveals: Coinsbuy does not yet know who did this or how. The breach vector remains unconfirmed publicly.

Philippine crypto exchanges sit at the intersection of two high-value targets: retail crypto users and iGaming payment rails. Local exchanges are commonly used by operators as deposit and withdrawal infrastructure because they offer peso on-ramps and relatively fast settlement. That makes any breach at a local exchange a direct operational risk for iGaming cashier flows, not just a consumer protection story.