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CoinStats shuts down: Phishing attack affects 1590 wallets worth $2M

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CoinStats’ affected wallets were drained of $2 million. Will users be repaid?

CoinStats shuts down: Phishing attack affects 1590 wallets worth $2M

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  • CoinStats shuts down after suffering a security breach. 
  • Reportedly,  $2 million of funds were drained per CoinStats CEO. 

CoinStats, a crypto portfolio management and tracking platform, suffered a security breach over the weekend that affected over 1500 wallets. 

As of press time, the breach affected over 1500 CoinStat wallets but external wallets were reportedly not compromised, per the firm’s statement,

‘None of the connected wallets and CEXes were impacted. Thanks to the immediate incident reponse from the CoinStats team, only 1.3% of all CoinStats Wallets were affected, totaling 1,590 wallets.’ 

The firm added that the ‘attack was mitigated’ but suspended user activity and urged affected wallet addresses to move their funds. 

CoinStats breach hit $2M

Despite the CoinStats stating that external wallets weren’t affected, other users claimed that their external wallets were drained. One user noted

‘It did affect outside wallets. My Coinbase wallet was drained.’  

The attack was reportedly a phishing scheme that initially affected users running iOS devices on Saturday. 

CoinStats

Source: CoinStats

The total amount of drained funds from the affected wallets was about $2 million per CoinStats CEO Narek Gevorgyan. The executive added

‘Around $800,000 of which are 2 wallets who imported their seed phrases to CoinStats Wallet.’

The CEO further suggested that the attack was part of coordinated hacks by threat actors from North Korea. 

However, as of press time, it was unclear whether the firm would take responsibility and make the affected users whole again. 

Gevorgyan noted that CoinStats would ‘need a bit more time’ before resuming operations and conducting a post-mortem on the security breach. 

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Benjamin is a Telecommunication Engineering graduate who is passionate about crypto-markets and unraveling market trends. Armed with charts and patterns, he's interested in making the intricate, complex landscape of digital assets more palatable for every user.
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