Coinsbuy Hacked for $79M — Now Offering $100K Bounty to Track Down the Attackers

WHY IT MATTERS

When you keep your crypto on a platform like an exchange or payment service, you're trusting that company to keep it safe — similar to how you trust a bank with your money. But unlike banks, most crypto platforms don't have government-backed insurance (like FDIC insurance in the U.S.). So when hackers break in and steal funds, users can lose everything. This hack is a reminder of a common saying in crypto: 'Not your keys, not your coins' — meaning if you don't hold your own crypto in a personal wallet, you're taking on the risk that the platform could be hacked, go bankrupt, or disappear. The $100K bounty is the company's way of crowdsourcing help to find the hackers, but it's a tiny amount compared to the $79 million that was stolen.