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The Hindu
14 minutes ago
- The Hindu
CoinDCX hit by $44.2 mn security breach; founders say customer funds unaffected, safe
Indian cryptocurrency exchange CoinDCX has suffered a security breach, resulting in theft of $44.2 million, or ₹378 crore, even as the founders took to X to reassure that customer funds remained unaffected and safe, with the compromise limited to an internal operational account. 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 a.m., 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 $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 $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 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," Mr. Gupta said. "The total amount lost was USD 44Mn out of our treasury assets. Coindcx Treasury will be bearing these losses," Mr. Khandelwal wrote. Following this, users rushed to check their balances, leading to a spike in withdrawal requests. The sudden surge in activity led to CoinDCX's portfolio APIs, which display user balances and transaction histories, becoming jammed and unresponsive. For several hours, many were unable to even see their holdings on the app, adding fuel to rumours and anxiety online. The co-founders later updated that Portfolio APIs have been restored. Affected infrastructure has been completely isolated, and CoinDCX operations continue to run normally, the company said. CERT-In, or the Indian Computer Emergency Response Team, has been informed about the incident. Detailed forensics with two globally reputed security agencies is being carried out, and reports will be shared for public benefit, it added. "CoinDCX services remain fully operational. Trading activity, INR deposits and INR withdrawals continue. INR withdrawals below Rs 5 lakhs will reflect in your account within 5 hours, while withdrawals above Rs 5 lakhs will be processed within 72 hours. The incident was isolated and has no impact on your portfolio access or operations," the company stated. Social media is flooded with mixed reactions. While some praised CoinDCX for absorbing the losses and protecting user funds, others criticised the delay in public disclosure and raised concerns over the broader security of crypto platforms in India. "Coindcx silent for 17 hours? That's more suspense than a thriller! In crypto, transparency isn't optional; it's key. Stay open to keep trust alive!" a user wrote. "Good to see CoinDCX acting responsibly, assuring user funds are safe, and not passing losses onto customers. Sets a positive precedent for Indian crypto exchanges," another said.
Time of India
43 minutes ago
- Time of India
Chanda Kochhar got Rs 64 crore bribe to OK Videocon loan: Tribunal
Chanda Kochhar NEW DELHI: Holding Chanda Kochhar , former CEO of ICICI Bank , guilty of receiving bribes of Rs 64 crore through her husband from Videocon group, an appellate tribunal here in an order dated July 3 observed that the money was paid as quid-pro-quo for sanctioning a loan of Rs 300 crore to the Videocon group. 'The history given by the appellants (ED) has been narrated and supported by the evidence in the light of the reference of the statements under Section 50 of the PMLA Act which are admissible and can be relied upon. The allegation made by the appellants stands because on paper ownership of NRPL is shown to be of V N Dhoot (CMD of Videocon group) but according to him also, the entire control of the company was of Deepak Kochhar (Chanda Kochhar's husband). Thus, the allegations were made for quid-pro-quo to Chanda Kochhar for sanction of loan to Videocon group of industries,' the tribunal said in its order. The appellate tribunal slammed the adjudicating authority that had earlier in Nov 2020 given relief to the accused in releasing the attached assets worth Rs 78 crore. 'The adjudicating authority has ignored the material facts while drawing the conclusions which are coming out on the face of the record and, therefore, we cannot endorse the finding of the adjudicating authority going against the record and ignoring the relevant facts. Thus, we find substance in the allegation of the appellants for quid-pro-quo to Chanda Kochhar for sanction of loan of Rs 300 crore to Videocon group and thereupon, a sum of Rs 64 crore was transferred to NRPL, a company managed by Deepak Kochhar and, in fact, he was the managing director of the said company. The factual issues narrated above clarifies that the appellants have taken up the matter to justify the attachment of the property,' the tribunal said, justifying the ED's attachments. The tribunal noted that the sanction of a loan of Rs 300 crore by ICICI Bank to the Videocon group where Chanda Kochhar remained part of the committee was against the rules and policy of the bank. 'The issue remains about the transfer of Rs 64 crore by Videocon group through its entity SEPL to NRPL day after the disbursement of loan by ICICI Bank,' it said while validating the evidence produced by the ED. The appellate tribunal also held Kochhar guilty of not disclosing her conflict of interest while sanctioning the loan.
Time of India
an hour ago
- Time of India
Guaranteed skill training, jobs to needy soon: Govt
Lucknow: The Yogi govt is set to launch a major initiative under its zero poverty campaign (ZPC) in UP. As part of it, members of families identified through the campaign will receive guaranteed skill training, along with stable livelihood opportunities that will ensure a steady income and a better quality of life. Chief secretary Manoj Kumar Singh said Chief Minister Yogi Adityanath's ZPC, aimed at empowering the poor, will also promote social harmony. "It can become a model for the entire country, where govt and industries work together to fight poverty," he said. Singh said that under this campaign, the head of each identified poor family will be enrolled in a guaranteed skill training program. In the first phase, heads of 300 families will receive skill training, followed by all identified families across the state. The training will be provided by the Uttar Pradesh Skill Development Mission, with support from around 1,000 training partners. The training will focus on practical, job-oriented skills in areas where employment opportunities are high. The training will follow a comprehensive 360-degree approach, focusing on seven essential skill areas — including office and toilet cleaning, guest handling, housekeeping, and hospitality. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like Bosnia And Herzegovina: New Container Houses (Prices May Surprise You) Container House | Search ads Search Now Undo To boost participants' confidence in professional environments, language skills will also be a key part of the training. The training will be aligned with industry standards to ensure both quality and relevance, equipping candidates to succeed in the corporate sector, said a govt spokesperson. After the training is complete, candidates will be placed in jobs with leading national and international companies such as Hotel Taj, State Bank of India (SBI), LT Limited, Medanta, and the Adani Group. Trained individuals will earn a minimum monthly salary of Rs 18,400, helping them support their families with dignity. To note, Yogi govt's guaranteed skilling programme and guaranteed placement programme under the ZPC have received strong support from industries across the state, the country and even abroad. So far, 40 major business leaders have pledged to provide jobs to members of families identified under the campaign, reflecting the wide reach and growing success of this initiative.
