On July 18, the Indian centralized crypto exchange CoinDCX was hacked, resulting in approximately $44.2 million worth of assets being stolen. The exchange has since enlisted cybersecurity experts to investigate the incident.
Details of the Attack and Incident Confirmation
According to on-chain sleuth ZachXBT, the hacker withdrew assets worth ~$44.2 million from CoinDCX. The exchange's team did not report the attack for about 17 hours. CoinDCX co-founder Sumit Gupta responded to ZachXBT's Telegram post a few minutes later, confirming the incident.
Status of Wallets and CoinDCX's Response
Gupta stated that as a result of a 'sophisticated attack' on the server, the hacker compromised the platform's internal operating account, used exclusively for providing liquidity on partner exchanges. 'I confirm that CoinDCX wallets storing customer assets were unaffected and remain completely safe,' Gupta said.
Analysis of the Incident and its Relation to Previous Attacks
Experts noted that the attack on CoinDCX occurred exactly one year after India's WazirX exchange was hacked for ~$235 million. In the first half of the year, losses from attacks on crypto projects reached $2.1 billion, with the February hack of the Bybit exchange accounting for $1.5 billion.
The CoinDCX incident highlights ongoing risks in the cryptocurrency space and the need for serious cybersecurity measures to protect user assets.
