Max Krupyshev: “Crypto Companies Must Have Systems That Signal Hacks”

CoinsPaid CEO Max Krupyshev spoke at the webinar on security in the crypto industry, sharing insights into the sector’s main vulnerabilities, the company’s experience in mitigating cyberattacks, and how AI helps track suspicious transactions.

Max Krupyshev, CEO of CoinsPaid, a leading provider of payment solutions, took part in the online webinar “Crypto’s Laundering Problem: Can Anyone Keep Up?” organized by Global Ledger. The event brought together industry leaders to discuss the challenges the crypto market faces in security and anti-money laundering.

Other speakers included Lex Fisun, CEO of Global Ledger, Georgy Sokolov, CCO of Wirex, and Andriy Velykyy, CEO of cross-chain protocol Allbridge. The webinar was moderated by crypto journalist and podcaster Catherine Ross-Mychka.

Discussing the industry’s challenges, Krupyshev emphasized the importance of timely attack detection. “Challenge number one is having systems in place that tell you you’re being hacked,” he said, citing the infamous Mt.Gox and Ronin Bridge cases, where breaches went undetected for several days. In this context, Max highlighted the role of artificial intelligence. According to him, AI systems help distinguish truly suspicious transactions from merely unusual ones, a critical factor when working with millions of addresses every month. “AI definitely helps to work with patterns to understand what’s wrong,” Krupyshev noted, adding that AI-driven tools enable faster, more accurate identification of suspicious transactions

He also drew attention to interaction with regulators. “Most requirements make sense in the long run because the regulator needs to protect a wider audience,” he said, emphasizing that despite the difficulties, regulation helps build protective systems for clients and ultimately strengthens industry standards. Max also pointed out that there are informal backchannels between crypto companies that allow stolen funds to be quickly frozen without police or government involvement. According to him, these mechanisms helped recover millions of dollars in recent years.

At the same time, Max admitted that in cases involving professional hackers such as the Lazarus Group, recovering stolen funds is nearly impossible. In this regard, he shared CoinsPaid’s experience, noting that major incidents can become a turning point for companies. “There is life after a big hack. In most cases, the incident is recoverable. It makes both the company and its executives stronger,” said Max, emphasizing that CoinsPaid strengthened its security and treasury controls after the 2023 attack.

Global Ledger reported that hackers stole over $3 billion in cryptocurrencies in H1 2025.

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