CoinDCX hacked, $44 million lost in security breach
The hack took place early on Saturday and targeted one of the company's internal operational accounts.
However, the Mumbai-based crypto platform has assured users that their personal funds are completely safe.
In a statement, CoinDCX clarified that the compromised account was only used for liquidity operations on a partner exchange and did not store any customer assets.
Sumit Gupta, Co-founder of CoinDCX, explained on social media that this particular account was hit due to a 'sophisticated server breach.'
He added that the losses will be covered entirely by the company's treasury reserves, which are 'sufficiently healthy' to absorb the damage.
Soon after detecting the attack, CoinDCX temporarily paused its Web3 trading platform as a precaution.
However, it is now live again. Regular trading and INR withdrawals on the main crypto exchange were never stopped, and users can continue to use the platform without any issues.
Gupta also advised investors not to panic. 'Don't panic, sell your assets,' he wrote on X, warning that such moves often result in bad prices and unnecessary losses. 'Let the markets settle. Stay calm, stay confident,' he added.
The company's internal security team is currently working with global cybersecurity partners to investigate the breach, patch vulnerabilities, and trace the stolen funds.
CoinDCX is also planning to launch a bug bounty programme soon. This programme will encourage ethical hackers to report any weaknesses in the system in exchange for rewards.
While the incident has shaken some users, CoinDCX has promised to share all verified details once the investigation is complete.
'This is more than just an internal matter. It's a reminder of the evolving threats facing crypto platforms globally,' Gupta said.
The breach comes at a time when crypto security is under the spotlight in India. The government is expected to release its first crypto policy paper soon, which could bring clearer regulations to the sector.
This is not the first time a major Indian exchange has suffered a hack. Last year, WazirX lost over $230 million worth of crypto due to a security breach linked to compromised private keys.
CoinDCX says it is taking this incident very seriously and will continue to focus on building a safe and trustworthy crypto ecosystem in India.
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