On July 19, 2025, Indian cryptocurrency platform CoinDCX confirmed a hack that resulted in the theft of $44 million. However, user funds remained secure against the attackers.
Circumstances of CoinDCX Hack
The CoinDCX hack was the result of a sophisticated attack on the exchange's operational wallet, which was utilized for liquidity provisioning on a partner platform and not linked to user assets.
> “We want to reassure our users that all customer assets are 100% safe and secure,” stated CoinDCX co-founder Neeraj Khandelwal in an official update.
The $44 Million Theft in ETH and SOL
Blockchain analytics indicate that hackers moved about 4,443 ETH (approximately $15.7 million) and 155,830 SOL (around $27.6 million) through mixers and cross-chain bridges. Most of the stolen funds have been tracked to two distinct wallets now monitored by crypto experts and law enforcement. Some funds have already interacted with services like Tornado Cash, complicating recovery efforts.
CoinDCX's Response and Measures
CoinDCX announced India's largest crypto recovery bounty, offering up to 25% of stolen funds as a reward for information leading to asset recovery. This initiative has gained interest from white-hat hackers and investigators.
> “We’re engaging with top global security experts and CERT-In to trace every on-chain movement,” shared the company on X.
With $11 million potentially available for grabs, the bounty has added urgency to the pursuit.
The CoinDCX hack highlights the urgent need for enhanced crypto security. While significant losses occurred, the company's swift response helped contain the damage and maintain user trust. The industry must now focus on addressing core security infrastructure and regulatory gaps.
