Rs 1900000000000 lost in a year due to…., loss suffered by many including…
The total exposure is being absorbed entirely by CoinDCX, using the company's treasury reserves, the company said in a First Incident Report released on Sunday.
According to the report, on July 19, at 4 AM IST, CoinDCX security systems detected an incident involving unauthorised access to one of its accounts on the partner exchange, leading to a financial exposure of about USD 44 million.
The incident once again puts the spotlight on mounting security threats in the highly volatile world of cryptocurrencies. Last year, crypto exchange WazirX faced a hack in India, leading to the loss of more than USD 230 million, and marking one of the biggest such heists in India. The theft had prompted a thorough examination of safety measures and eroded sentiments. CoinDCX On Attack
CoinDCX co-founders Sumit Gupta and Neeraj Khandelwal took to the social media platform X to address the situation, confirming that the attack was the result of a sophisticated server breach, targeting an internal wallet, not the ones holding customer assets.
The incident was first flagged by blockchain investigator ZachXBT, following which the exchange made the disclosure public.
'Today, one of our internal operational accounts — used only for liquidity provisioning on a partner exchange — was compromised due to a sophisticated server breach. I confirm that the CoinDCX wallets used to store customer assets are not impacted and are completely safe. This won't cause any loss to our customers. CoinDCX will be bearing the full amount,' Gupta said.
'The total amount lost was USD 44Mn out of our treasury assets. Coindcx Treasury will be bearing these losses,' Khandelwal wrote.
Affected infrastructure has been completely isolated, and CoinDCX operations continue to run normally, the company said. Risk In Crypto Currency Investment
Crypto thefts in 2025 had already crossed USD 2.17 billion before last week's USD 44 million CoinDCX hack, underlining relentless cyber threat escalation in the digital currency world, according to the latest data.
Blockchain analytics platform Chainalysis' 2025 crypto crime mid-year update says that over USD 2.17 billion was stolen from cryptocurrency services so far in 2025, and 'this year is more devastating than the entirety of 2024'.
By the end of June 2025, 17 per cent more value had been stolen year-to-date (YTD) than in 2022, previously the worst year on record.
The USD 1.5 billion hack of ByBit, the largest single hack in crypto history, accounts for the majority of service losses.
So far in 2025, significant concentrations of stolen fund victims have emerged in the US, Germany, Russia, Canada, Japan, Indonesia, and South Korea, it said.
'Regionally, Eastern Europe, MENA, and CSAO (Central and Southern Asia and Oceania) saw the most rapid H1 2024 to H1 2025 growth in victim totals,' it said.
(With Inputs From PTI)
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
The Hindu
3 minutes ago
- The Hindu
Modi Targets Congress in Lok Sabha Pahalgam Terrorists Killed in Encounter
Prime Minister Narendra Modi addressed the Lok Sabha and praised the armed forces for their swift success in Operation Sindoor. He firmly rejected former U.S. President Donald Trump's claim that he brokered a ceasefire between India and Pakistan, saying India acted on its own strength. Modi also hit back at the Opposition and referenced Nehru's past mistakes, positioning India as globally respected and self-reliant today. Starting August 1, India's most-used payment system, UPI, will undergo five major changes aimed at improving efficiency and reducing system overload. Users will now be limited to 50 balance checks and 25 linked account views per app per day. Recurring autopay transactions like EMIs and subscriptions will only be processed during off-peak hours, before 10 AM, between 1–5 PM, and after 9:30 PM. In case of failed transactions, users will get only three chances to check the payment status, with a mandatory 90-second gap between each attempt. Importantly, there is no GST on UPI payments, including those over ₹2,000, debunking ongoing misinformation. Lastly, every UPI transaction will now display the recipient's registered name before confirmation, helping to reduce fraud and accidental transfers. In a dramatic operation near Mahadev Peak, Indian forces tracked and killed three Pakistani terrorists linked to the April 22 Pahalgam attack. The breakthrough came after detecting a Chinese satellite phone used by the terrorists. With help from local nomads and advanced surveillance, the Army launched a successful strike in tough terrain, killing all three, including a top Lashkar commander. Script & Voiceover: Zeeshan Akhtar Editing: Zeeshan Akhtar
Indian Express
3 minutes ago
- Indian Express
Eminent economist Lord Meghnad Desai dies, PM Modi condoles death
Indian-born British economist Meghnad Desai passed away at the age of 85 on Tuesday. Prime Minister Narendra Modi condoled Desai's death on X, saying, 'Anguished by the passing away of Shri Meghnad Desai Ji, a distinguished thinker, writer and economist. He always remained connected to India and Indian culture. He also played a role in deepening India-UK ties. Will fondly recall our discussions, where he shared his valuable insights. Condolences to his family and friends. Om Shanti.' Born in Vadodara in 1940, Desai earned his PhD in economics from the University of Pennsylvania in 1963. He moved to London in 1965, joining the London School of Economics as a lecturer and later becoming a professor and professor emeritus. In 1991, he was appointed to the House of Lords as a Labour Party peer. He received the Padma Bhushan from the Indian government in 2008.
Deccan Herald
3 minutes ago
- Deccan Herald
Chimul to set up milk packing unit on 9.14 acres in Chikkaballapur
Chikkaballapur: The Chikkaballapur Co-operative Milk Union (Chimul) has taken a major step toward self-reliance by initiating the construction of its own milk and curd packing unit. Currently, Chimul depends on mother dairy units in Kolar, Hoskote, and Yelahanka, incurring monthly expenses of Rs 2 to 2.5 crore for will be the union's first major infrastructure project since its formation, and officials estimate that a local facility will reduce the operational cost by at least Rs 2 crore each month. Currently, the mega dairy in Chikkaballapur does not have the capacity to handle daily packaging operations. Earlier, during its affiliation with the Kolar Co-operative Milk Union, packaging was done in Kolar and transported to Chikkaballapur. After the formation of Chimul, establishing a dedicated unit was facilitate the project, the Karnataka government has allotted 9.14 acres of land adjacent to the Horticulture Department in Chikkaballapur. In return, Chimul has transferred 9.38 acres near Chikkadasarahalli in Shidlaghatta taluk to the department. The land rights have officially been transferred to Chimul, and the area near Doddamarali, adjacent to the Mega Dairy, has been earmarked for the construction of the new by Chennai firmThough the proposal was approved in a 2023 KMF (Kochimul) board meeting, land availability had delayed execution. As per directions from the Kochimul Board, a Chennai-based private firm was engaged to prepare the Detailed Project Report (DPR). The technical team visited the Mega Dairy, consulted with Chimul officials, and submitted the project project's DPR, with an estimated cost of Rs 130 crore, includes provisions for packaging milk, curd, spiced buttermilk, and other dairy products, along with scope for future Mega Dairy, which currently spans 14 acres, handles tetra pack, flexi-pack, butter, and ghee production. The new 9.14 acre unit will focus exclusively on daily packaging supplies milk and curd to the Bengaluru market also, with packaging currently done outside the district. With its own facility, officials say, the Union can reinvest savings into offering better prices to farmers.'A packing unit is an urgent need. Once completed, it will reduce external dependency and improve margins. If necessary, the DPR will be expanded to accommodate future needs,' sources in Chimul operationsChikkaballapur Co-operative Milk Union (Chimul) currently gets three lakh litres of milk and curd packaged through units in Kolar, Hoskote, and Yelahanka every day. The union receives more than five lakh litres of milk per day. Of this, three lakh litres are used for milk and curd packaging, one lakh for UHT milk, 40,000 litres for flexi-pack milk, 20,000 litres for paneer, and 50,000 to 60,000 litres for butter, ghee, and milk powder.
