CoinDCX, one of the largest cryptocurrency exchanges in India, has reported a loss of $44.2 million due to a suspected hacking incident that occurred about 17 hours ago.
Incident Overview
The hacking incident at CoinDCX was identified thanks to blockchain investigator ZachXBT. The attacker reportedly started with just 1 ETH from Tornado Cash and later moved a portion of the stolen funds from Solana to Ethereum. As a result of the incident, several trading pairs were removed, and users faced issues with the Web3 wallet.
CEO Confirms Safety of Funds
Sumit Gupta, co-founder and CEO of CoinDCX, confirmed in a recent post on X that the platform suffered a security breach affecting one of its internal operational accounts used for liquidity on a partner exchange. He assured users that no customer funds were impacted and all user assets remain safe in cold wallets. The issue was caused by a server compromise but was quickly contained by isolating the affected account.
Community Reaction to Delayed Response
While some users praised the team for being transparent and clear in their communication, others noted the delayed response, with the official statement coming only after ZachXBT highlighted the incident. Sumit Gupta emphasized that the team is working with cybersecurity experts to fix the issue and launch a bug bounty program.
The incident with CoinDCX highlights the importance of cybersecurity in the cryptocurrency sector. Despite the significant loss, the company reassures users of the safety of their assets.
