CoinBene (2019) — Crypto Hack
LaunderedCoinBene denied being hacked despite $105M in suspicious large withdrawals that blockchain analysts confirmed as unauthorized.
Summary
CoinBene denied being hacked despite $105M in suspicious large withdrawals that blockchain analysts confirmed as unauthorized.
How It Was Compromised — CEX via Private Key Compromise
On March 25, 2019, blockchain analysts detected over $105M in unusual ERC-20 token withdrawals from CoinBene wallets. The exchange claimed it was conducting routine maintenance, but the withdrawal patterns — immediate sale via decentralized exchanges — matched hack behavior. The exchange later quietly resumed operations without acknowledging a breach.
Fund Flow & Laundering Analysis
ERC-20 tokens immediately sold on Uniswap, Etherdelta, and other DEXes, crashing several token prices. ETH proceeds moved through multiple intermediary wallets. No mixer usage traced — funds dispersed through DeFi protocols. CoinBene's denial made official recovery efforts impossible. Funds considered lost.