CoinDCX, an Indian cryptocurrency exchange, has announced the launch of a bounty program to recoup part of the $44.2 million stolen in a recent theft.
Details of the Theft
The theft was detected on the blockchain thanks to security platform Cyvers Alerts. According to the exchange, the funds were siphoned from internal operational wallets used solely for liquidity provision on a partner exchange.
Hacker's Methods
The attacker initiated the exploit by transferring 1 ETH through Tornado Cash, linked to laundering stolen assets. Shortly after this, approximately $15.8 million of the stolen crypto was bridged to Ethereum via cross-chain protocols.
CoinDCX's Response Measures
CoinDCX's co-founders, Sumit Gupta and Neeraj Khandelwal, stated that the affected funds came exclusively from corporate treasury. The exchange has begun enhancing its security and system architecture. "Our wallet systems were never compromised, but we’ve tightened security further," they stated.
The issue of cybercrime threatens trust in the crypto industry. CoinDCX emphasizes the need to identify and hold perpetrators accountable.
