CoinDCX has reported a hack resulting in a loss of $44 million, while ensuring that all user funds are secure.
First Official Update on the Hack
Sumit Gupta, co-founder of CoinDCX, released the first official update following the July 19 hack. He confirmed that all customer funds are absolutely safe and stored in secured cold wallets. The $44 million loss is fully covered by the company's reserves.
How the Hack Occurred
The hackers targeted an internal account associated with the company's liquidity operations. The breach was described as a 'sophisticated server hack'. CoinDCX stated that public funds are kept in offline wallets, which are not linked to operational accounts. During the attack, 155,830 SOL, approximately $27.6 million, was stolen.
Current Situation and Next Steps
Despite the incident, CoinDCX claims to be fully operational. All trading and withdrawal activities are continuing without restrictions. The team is working with global cybersecurity firms and legal authorities, planning to release public forensic data.
The CoinDCX incident highlights the need for improved infrastructure and security in the cryptocurrency ecosystem. While no client losses have been reported, concerns about future attacks remain prevalent.
