CoinStats Faces $2.2 Million Loss After June 2024 Security Breach

CoinStats is a widely used crypto portfolio tracker that allows users to manage all their crypto assets in one place. It connects with over 300 wallets and exchanges, providing real-time data, trading options, and comprehensive oversight. The platform offers built-in swapping and earning functionality, detailed analytics and insights, powerful portfolio tracking tools, real-time price alerts and market updates, and support for over 100 blockchains. CoinStats is considered safe and legitimate, with over 1.2 million users every month. It employs strong encryption, read-only API connections, and does not store private keys, ensuring the security of portfolio tracking and trading.

CoinStats was founded in 2017 and has since expanded to serve a large user base. The app allows users to connect over 300 wallets and exchanges, including major platforms like Binance, Coinbase, Kraken, and MetaMask. It supports over 100 blockchains and 1,000 DeFi protocols, enabling users to sync their trading history and transaction information automatically. CoinStats offers real-time price notifications, in-depth P/L analysis, and in-app coin swapping, with advanced features available in paid plans starting at $3.99 per month. The platform prioritizes security by using encryption and not retaining private keys.

The advantages of using CoinStats include multi-platform portfolio tracking, comprehensive P/L analytics, real-time price alerts, staking and swapping features, multi-blockchain support, and ease of use. The platform allows users to link over 300 exchanges and wallets, providing a complete overview of their investments. It offers detailed insights into portfolio performance, including profit and loss calculations, asset allocation, and a “health score.” Users can set custom alerts for price changes and market shifts, ensuring they stay informed and do not miss opportunities. CoinStats also supports trading coins directly on the platform and has staking functionality for earning passive income. The platform supports over 20,000 cryptocurrencies and NFTs on over 100 blockchains, making it suitable for users with diverse portfolios. The interface is designed to be user-friendly, allowing even non-technical users to manage their crypto portfolios easily.

However, CoinStats also has its limitations and challenges. The free version is quite basic, with limitations on the number of exchange connections, transaction limits, and sophisticated analytics. To access the full potential of the platform, users need to subscribe to a premium plan, which starts at $3.99 per month. The platform has faced security issues in the past, with a June 2024 breach affecting some CoinStats Wallets, resulting in losses of approximately $2.2 million. Additionally, users may encounter data synchronization issues, requiring manual input of transactions or adjustments to their portfolio.

CoinStats works by linking users' various cryptocurrency exchanges, wallets, and DeFi protocols, consolidating all asset data into one dashboard. Users typically start by linking their crypto accounts using API keys for exchanges or public wallet addresses for decentralized wallets. CoinStats uses these connections to obtain real-time price updates and transaction information, calculating the total portfolio value, profit and loss, and asset allocation as market prices change. The platform also provides a swap feature that links to decentralized exchanges and liquidity providers to secure competitive rates for swapping.

The key features of CoinStats include swapping and earning functionality, comprehensive analytics and insights, portfolio tracking, real-time alerts and market data, and extensive support for over 100 blockchains. The platform allows users to trade, stake, and buy cryptocurrencies directly through its integrated DeFi wallet. It provides in-depth insights into portfolio performance, including detailed breakdowns of profit and loss, asset allocation, and a “health score.” CoinStats offers a complete and organized view of users' entire crypto portfolio, consolidating nearly all their crypto, NFTs, and DeFi positions into one dashboard. The platform provides real-time performance updates and turns raw tracking data into actionable insights, showing profit/loss, asset allocation, and other key metrics. Users can set up custom alerts for price changes and market shifts, and the platform provides general crypto market insights by aggregating news from various sources.

CoinStats offers a free plan and several premium subscriptions. The Premium plan starts at $3.99 per month or $35.99 per year, with a 7-day free trial available for the yearly Premium plan. The free plan allows connecting 10 portfolios and managing up to 20,000 transactions, with a limited number of daily data syncs per portfolio. Basic customer support is included, but response times may be slower for free users. The Premium plan lets users connect up to 100 portfolios and manage up to 100,000 transactions, with 200 daily updates for each portfolio. Premium users access advanced portfolio tools, including wallet checkers, transaction alerts, and fee tracking, and receive high-priority customer support with reply times usually within less than 24 hours. The platform also offers a “Degen” plan with support for up to 500 portfolios and 1,000,000 trades, as well as VIP help and custom features.

To get started with CoinStats, users first choose their platform and begin account creation, then navigate to portfolio connection, link their exchanges and wallets, and finally view their consolidated portfolio. Users can sign up for CoinStats by visiting their official website or downloading the mobile app from the Apple App Store or Google Play Store. They need to provide basic information, such as their email address and a secure password, and can use options like Google or Apple accounts for faster setup. Once the account is created, users can connect their crypto holdings by linking centralized exchanges or decentralized wallets, or by manually inputting transactions or uploading a CSV file. After successfully linking their accounts, CoinStats will begin to sync their data, providing a consolidated view of their crypto portfolio in the dashboard.

CoinStats is considered safe and legitimate, employing read-only API access for exchanges, no storage of private keys for wallets, robust data encryption, two-factor authentication, adherence to industry best practices and compliance, and transparent incident response. The platform relies on read-only API access to view account balances and transaction history without initiating trades or withdrawals. It never asks for or stores private keys, using public wallet addresses to track assets. CoinStats emphasizes the use of military-grade encryption to protect data and supports two-factor authentication for account login. The platform adheres to industry best practices, including regular security audits and continuous monitoring for vulnerabilities, and complies with international data privacy regulations. In June 2024, CoinStats experienced a security breach affecting some wallets, but they took immediate action to investigate, communicate with users, and rebuild their production environment, demonstrating a responsible approach to managing security challenges.

Users cannot directly withdraw traditional money or cryptocurrency from CoinStats. The platform is primarily a cryptocurrency portfolio tracker and analytics platform, providing a consolidated overview of all crypto, NFTs, and DeFi assets spread across various exchanges and wallets. CoinStats offers an integrated “CoinStats Wallet” and features like Swap and Earn, allowing users to conduct transactions using funds already present in a connected, self-custodial wallet or within the CoinStats Wallet itself. To withdraw actual money or send cryptocurrency to another address, users need to go back to the original platform where their funds are held and initiate the withdrawal from there.

A crypto portfolio tracker like CoinStats is essential for getting a single, clear picture of the entire investment landscape. Managing crypto across multiple wallets and exchanges can be confusing, and a portfolio tracker puts everything in one place, showing the total balance, profit/loss, and asset performance in real-time. Without a portfolio management app, users would be constantly logging in and out of multiple accounts, trying to tally up their holdings and figure out their total profit or loss. This is time-consuming, prone to errors, and makes it nearly impossible to grasp the overall financial health in real-time. A good portfolio tracker connects to all these sources, automatically pulling in data so users can see everything in one place, instantly.