Recent events surrounding CoinDCX, one of India's largest cryptocurrency exchanges, have raised alarm in the crypto community. According to blockchain investigator ZachXBT, the exchange may have fallen victim to a hack totaling $44.2 million.
How the Exploit Was Detected
The breach was discovered after blockchain security platform Cyvers flagged suspicious activity involving CoinDCX wallets. These findings caught the attention of ZachXBT, who independently confirmed the exploit.
The attacker allegedly funded their wallet using Tornado Cash, a mixing service utilized to obscure transaction trails. Subsequently, the funds were bridged from Solana to Ethereum, complicating the traceability of their movements.
CoinDCX Yet to Respond
Despite the large amount allegedly stolen and increasing online evidence, CoinDCX has not issued an official statement. This lack of transparency is raising concerns in the community, especially among users with funds on the platform.
If confirmed, this incident would mark one of the largest crypto exchange hacks in India’s history and could have regulatory implications as authorities have been tightening scrutiny on crypto platforms.
Regulatory Implications
With the blockchain community already on high alert, many now await CoinDCX’s response and hope for a full forensic analysis of how such a large sum was siphoned off undetected for hours.
The incident with CoinDCX raises important questions about the security of cryptocurrency exchanges and the need for operator transparency. User support and protection remain key aspects to consider in future operations.
