On July 19, 2025, Indian cryptocurrency exchange CoinDCX experienced a cyber attack resulting in a loss of $44 million.
CoinDCX Loses $44.2 Million in Hack
The recent hack at CoinDCX resulted in a significant loss of $44.2 million from an operational account. This account was distinct from user holdings, ensuring customer funds were secure.
CEO Sumit Gupta acknowledged the incident publicly, emphasizing transparency with the community. The attacker used Tornado Cash to launder funds and employed bridging techniques involving Ethereum and Solana assets. As Gupta stated, "Hi everyone, At CoinDCX, we have always believed in being transparent with our community, hence I am sharing this with you directly."
Exchange Assures Customer Fund Safety
The breach had immediate effects on the crypto community, with suspended trading pairs and canceled orders. Despite financial losses, customer assets remained unaffected, absorbing market shock.
Crypto community and security firms like Cyvers detected the breach swiftly. CEO Gupta assured that losses were covered internally from treasury reserves, preventing broader financial impact.
CoinDCX Plans Enhanced Security with Bug Bounty
This hack shares similarities with previous major exchange breaches, including last year’s WazirX hack on the same date marking risks within the sector.
Potential outcomes include enhanced security measures. CoinDCX aims to introduce a bug bounty program to bolster defenses against future threats, demonstrating a proactive approach in cybersecurity.
The CoinDCX incident highlights the ongoing importance of security in the cryptocurrency space and the need for improved protective measures on exchanges.
