CoinDCX, one of India’s largest crypto exchanges, has fallen victim to a hack resulting in $44.2 million in losses. The attackers targeted an internal trading wallet.
Hack on CoinDCX
On July 19, 2025, CoinDCX experienced a hack where attackers stole $28.3 million in SOL and $15.78 million in ETH using Tornado Cash to cover their tracks. The exchange quickly secured the wallet and confirmed that losses would be covered from its reserves.
Bounty Program for Recovery
CEO Sumit Gupta announced the launch of a Recovery Bounty Program. Up to 25% of any recovered funds will be awarded to those who assist in tracing and retrieving the stolen crypto, with a potential reward pool of up to $11 million. The program is open to ethical hackers and researchers.
Transparency Issues and Security on Exchanges
Users have raised concerns about how crypto exchanges manage security issues. While global platforms like Bybit alert users within an hour of a wallet breach, Indian exchanges such as WazirX and CoinDCX have often taken significantly longer, highlighting the need for better transparency and faster updates.
The incident with CoinDCX underscores the growing threats to crypto exchanges in India and the importance of faster response times to such events. The safety of user funds remains a top priority.
