CoinDCX resumes withdrawals after $44 million security breach, assures user funds are safe
crypto exchange
CoinDCX has opened withdrawals on its platform and asserted that no user funds were affected after it suffered a $44 million (~₹300 crore)
security breach
on its platform last month, cofounder and CEO
Sumit Gupta
told ET.
"For us retaining the users trust and ensuring that their funds were 100% safe was our topmost priority. We ensured that all customer withdrawal requests were honoured and there was no impact on the functioning of platform," Gupta said.
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"This was our wake-up call. The attack was not on our core systems but on a third-party service we used for wallet management. Still, we take full responsibility."
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Post the incident, the platform has not only arrested investor churn but also recorded its highest-ever monthly trading volume, he said.
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Gupta also pushed back against media speculation around a possible $900 million acquisition by global exchange Coinbase, asserting that
CoinDCX
is on path to be India's first crypto decacorn (valued at $10 billion) and such "petty" valuations do not justify the company's growth trajectory.
Live Events
"Our annualised revenue today stands at ₹1,179 crore and we have nearly ₹10,000 worth of crypto assets under custody across products," Gupta said, adding that the company's current valuation must be more than $2 billion.
"We hold 80% market share among India's centralised exchanges. But this is just scratching the surface. Once the Indian government brings an official crypto policy, we could easily achieve decacorn status within a year," he said.
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