CoinDCX, one of India's largest crypto platforms, was attacked, resulting in a theft of $44.2 million. The incident was first identified after significant suspicious transactions.
Incident Details
The CoinDCX hack occurred approximately 17 hours ago and was uncovered by a blockchain security firm Cyvers, which flagged suspicious transactions and alerted investigator ZachXBT. He disclosed the information on Telegram: "Looks like the India centralized exchange ‘CoinDCX’ was likely drained for ~$44.2M almost 17 hours ago and has yet to disclose the incident to the community." The hacker's addresses include those on Solana and Ethereum.
CEO's Response
Following Zach's post, CoinDCX CEO Sumit Gupta stepped forward with a statement on X, stating, "At CoinDCX, we have always believed in being transparent with our community, hence I am sharing this with you directly." He clarified that the compromised internal operational wallet did not hold customer funds. "All customer wallets are safe," he confirmed.
Plans for Enhanced Security
The CoinDCX team quickly isolated the breached account and will cover the losses from their own treasury, not from customer assets. Gupta reported plans for launching a bug bounty program to identify potential vulnerabilities. He emphasized that "every security incident is a learning opportunity" and will be used to strengthen the platform.
The CoinDCX incident highlights the critical importance of security in the crypto industry. Platforms must actively work to prevent such attacks and ensure the safety of user funds.
