The cryptocurrency exchange CoinDCX faced a hacker attack, resulting in a theft of $44 million. The affected funds did not concern users.
Circumstances of the Attack
The attack occurred on Friday when hackers accessed one of CoinDCX's internal accounts used for liquidity with another exchange through a server breach.
User Fund Security
According to CoinDCX CEO Sumit Gupta, all user funds remain safe. He stated: "The incident was quickly contained by isolating the affected operational account. Since our operational accounts are segregated from customer wallets, the exposure is only limited to this specific account and is being fully absorbed by us, from our own treasury reserves."
Context of the Incident
Analyst Infinity Hedge noted that popular Indian exchange WazirX was hacked for $235 million on the same date a year ago, highlighting the ongoing cybersecurity threats facing the crypto industry.
This situation underscores the importance of protecting assets in the crypto industry and the necessity of enhancing security measures for platforms.
