Sumit Gupta, CEO of CoinDCX, has expressed concern over the lack of transparency from exchanges WazirX and Phemex following recent security breaches.
Sumit Gupta's Criticism
Sumit Gupta took to X to voice his opinion that WazirX and Phemex are not fully disclosing security issues. He believes more open disclosure could have prevented hacks similar to the one Bybit experienced.
Breaches and Vulnerabilities
Bybit recently experienced a major breach where hackers exploited Gnosis Safe wallet vulnerabilities to steal $1.4 billion. WazirX reported a loss of $230 million in July 2024 due to similar vulnerability. In April 2024, Phemex was also attacked, losing more than $100 million. All incidents relate back to Gnosis Safe multisig wallets.
CoinDCX Security Measures
CoinDCX has implemented stringent security measures to avoid such attacks. The exchange does not use Gnosis Safe wallets and does not deploy smart contracts for fund transfers, minimizing the risk of delegatecall exploits.
Sumit Gupta highlighted the importance of transparency in crypto exchange security management, noting CoinDCX's commitment to user protection.
