CoinStats warns users to move funds from wallets created on platform following security incident

Quick Take

  • CoinStats, a popular cryptocurrency portfolio tracking app, has warned users that wallets created on the CoinStats platform may be vulnerable following a security incident that also saw a scam notification go out to users’ mobile devices.

CoinStats, a popular app that helps users create a wallet and track their crypto portfolios across different chains, has warned users who used the app to create a wallet to migrate their funds following a "security incident" affecting the platform.

The platform also noted on Saturday that an iOS notification purporting to inform some users that they won a giveaway was actually a scam, seemingly due to the same security incident. Some Android users also reported receiving the notification in a thread discussing the incident on Reddit.

"We are currently experiencing a security incident affecting wallets created directly within CoinStats; this does not impact externally connected wallets," the platform announced on X, before urging users, "If you have your private key exported, move your funds ASAP."

CoinStats seems to have taken its platform offline while investigating the security incident; its homepage leads to a placeholder noting the security incident and promising to release a detailed post-mortem "asap."

According to Reddit user Duneswinton, before the platform was taken offline, the app showed an advertisement for a fake website that attempted to trick users into installing a configuration program on iOS, likely granting the attackers access to the affected devices. It is currently unclear how many users or funds were affected by the security incident.

CoinStates later said that only 1.3% of all CoinStats Wallets were affected, totaling 1,590 wallets.

This is a developing story.


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About Author

Zack Abrams is a writer and editor based in Brooklyn, New York. Before coming to The Block, he was the Head Writer at Coinage, a Web3 media outlet covering the biggest stories in Web3. The story he co-reported on Do Kwon won a 2022 Best in Business Journalism award from SABEW. Other projects included a deep dive into SBF's defense based on exclusive documents and unveiling the identity of the hacker behind one of 2023's biggest crypto hacks — so far. He can be reached via X @zackdabrams or email, [email protected].