Indian cryptocurrency exchange CoinDCX was the victim of a hack resulting in the theft of $44 million, prompting the company to initiate a recovery program.
Incident with CoinDCX
CoinDCX reported a hack that led to $44 million being stolen from its internal accounts. The exchange confirmed that user funds were not affected.
Announcement of Recovery Program
CEO Sumit Gupta announced a bounty program offering up to 25% of any recovered funds to white hat hackers. Gupta emphasized that "more than recovering stolen funds, what is important for us is to identify and catch the attackers to prevent such incidents from happening again."
Analysis of Exchange Security Trends
The CoinDCX hack is indicative of a broader trend of attacks on centralized exchanges. According to Michael Pearl from Cyvers, over 65% of losses in Web3 in 2024 stemmed from CEX-related incidents, highlighting a critical need for enhanced security measures.
The recent hack at CoinDCX highlights the urgent need for improved security in cryptocurrency exchanges. The bounty program for white hat hackers underscores the company's commitment to not only recover funds but also to enhance user safety.
