Smartworks Coworking share price Live: GMP, experts signal lukewarm return upon listing
Smartworks Coworking Spaces IPO opened for subscription on Thursday, July 10 and closed on Monday, July 14. Smartworks Coworking IPO subscription status on the last bidding day was 13.45 times. The company fixed a price band of ₹ 387 to ₹ 407 per share for its IPO.
Smartworks Coworking Spaces Limited, a leading provider of managed flexible office spaces located in Gurugram, operates 48 co-working centers with a combined seating capacity of over 190,000. The company caters to mid-to-large enterprises, including Indian companies, multinational corporations, and startups, by offering contemporary campuses equipped with design, technology, and amenities such as cafeterias, gyms, crèches, and healthcare facilities for enhancing employee well-being.
Smartworks Coworking IPO GMP today is +25. This indicates Smartworks Coworking share price was trading at a premium of ₹ 25 in the grey market, according to investorgain.com.
Considering the upper end of the IPO price band and the current premium in the grey market, the estimated listing price of Smartworks Coworking share price was indicated at ₹ 432 apiece, which is 6.14% higher than the IPO price of ₹ 407.
According to the grey market activities from the past 13 sessions, today's IPO GMP is showing an upward trend, suggesting a robust listing. The minimum GMP recorded is ₹ 0.00, while the maximum GMP is ₹ 32, as per experts from investorgain.com.
'Grey market premium' indicates investors' readiness to pay more than the issue price.
Disclaimer: The views and recommendations made above are those of individual analysts or broking companies, and not of Mint. We advise investors to check with certified experts before making any investment decisions.
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Time of India
5 minutes ago
- Time of India
ETtech Explainer: CoinDCX cyberattack — What you need to know about the $44 million crypto hack
Academy Empower your mind, elevate your skills Indian cryptocurrency exchange CoinDCX suffered a cyberattack on July 19 , leading to the theft of digital assets worth around $44 million from one of its internal operational accounts. This is the second major crypto hack involving an Indian exchange within a year, following the high-profile WazirX breach in breaks down what happened and what it means for users.A: In separate social media posts, cofounders Sumit Gupta and Neeraj Khandelwal said that the exchange experienced a server-side breach targeting an internal account used for liquidity provisioning, a process where the platform maintains crypto reserves to ensure smooth transactions for users. The hackers siphoned off $44 million worth of crypto assets in what the company described as a 'sophisticated' attack.A: CoinDCX clarified that no customer funds were affected as user assets were stored separately in secure cold wallets. The company immediately isolated the compromised systems and temporarily suspended its Web3 services to contain the breach. INR deposits, withdrawals, and centralised trading remain fully operational. CoinDCX said it will absorb the entire loss from its own treasury.A: CoinDCX's internal security and operations teams are working with cybersecurity partners to investigate the breach, plug vulnerabilities, and trace the stolen assets. The company is also coordinating with a partner exchange to block and potentially recover the funds. In addition, CoinDCX plans to launch a bug bounty programme to strengthen its defences.A: The breach triggered widespread concern and panic among users, who flooded social media with queries about the safety of their funds. The sudden spike in traffic caused heavy load on CoinDCX's servers, particularly those handling portfolio-related APIs. The company later said it had provisioned additional server capacity to address the is one of India's largest cryptocurrency exchanges, founded in 2018 by Gupta and Khandelwal . It allows users to buy, sell, and trade a wide range of cryptocurrencies. The platform gained traction during the 2020–21 crypto boom and became India's first crypto unicorn in August 2021 after raising $90 million in a round led by Facebook cofounder Eduardo Saverin's B Capital. Other investors of CoinDCX include Coinbase Ventures, Polychain Capital, Jump Capital, Pantera Capital , Bain Capital Ventures, and Steadview Capital . It is currently valued at around $2.3 billion and has over 1.6 crore registered provides a suite of products for both retail and institutional users. The CoinDCX app is built for beginners to easily invest in digital assets, while CoinDCX Pro caters to advanced traders with access to professional tools. The platform also introduced a Web3 mode within its app last year, giving users access to over 50,000 tokens. Additional offerings include CoinDCX Earn, which enables users to earn passive income on crypto holdings. It also has CoinDCX Ventures, a fund that backs early-stage Web3 and blockchain startups.A: No. The WazirX hack in July 2024 remains the largest known cyberattack on an Indian crypto exchange. Hackers targeted one of its multi-signature (multisig) wallets, leading to losses of over $230 million, or nearly 45% of investor funds held on the platform. The attack was later linked to North Korea–affiliated groups, including the Lazarus Group.A: The crypto industry in India exists in a legal, but largely unregulated space. While holding and trading cryptocurrencies is not banned, there is no overarching regulatory framework. The government has imposed a 30% tax on crypto income and a 1% tax deducted at source ( TDS ) on transactions involving virtual digital assets (VDAs), which dampened trading activity. The Reserve Bank of India remains critical of private cryptocurrencies, citing concerns over investor protection and financial stability. In 2023, the Financial Intelligence Unit (FIU) issued show-cause notices to nine offshore exchanges for failing to comply with anti-money laundering norms applicable under existing laws.A: Earlier this year, Iran's largest cryptocurrency exchange, Nobitex, lost over $90 million in a cyberattack amid rising geopolitical tensions between Israel and Iran. According to blockchain analytics firm Elliptic, the stolen funds were transferred to addresses bearing messages that criticised Iran's Revolutionary Guard . In June, US-based crypto exchange Coinbase suffered a data breach that exposed customer information. Hackers used the stolen data to carry out social engineering attacks aimed at stealing user funds. They also demanded a $20 million ransom in exchange for not leaking the data and halting further attacks. The estimated financial impact ranged between $180 million and $400 million.A: The CoinDCX incident highlights the security risks in the crypto ecosystem, even as platforms adopt more mature safety infrastructure. While the company's action of securing user funds and absorbing the losses is being viewed positively, the breach adds pressure on Indian crypto exchanges to strengthen security protocols and improve operational transparency.A: Crypto platforms are lucrative targets because they handle large volumes of high-value digital assets, offer relative anonymity through blockchain transactions, and often have weaker security controls compared to traditional financial institutions. Once stolen, funds are typically laundered through crypto mixing services like Tornado Cash, which obscure transaction origins and destinations, making recovery difficult for investigators.
Mint
5 minutes ago
- Mint
Mint Explainer: CoinDCX loses $44 mn to hackers. Why are crypto firms especially vulnerable?
On Saturday CoinDCX has become the latest major Indian crypto exchange to suffer a breach, with $44.2 million drained from an internal liquidity account. Such incidents highlight a persistent vulnerability in crypto infrastructure, despite platforms' repeated assurances of security. What happened and how, and why are crypto platforms especially susceptible to breaches? Mint explains. What happened? On 19 July, CoinDCX, India's second-largest crypto exchange, suffered a cyberattack that cost it $44.2-million. The breach occurred in an internal operational wallet used to provide liquidity on a partner exchange, and was flagged by ethical hacker ZachXBT and later confirmed by CoinDCX's CEO Sumit Gupta on X. Were customer funds affected? According to Gupta, no customer funds were affected. The compromised account was segregated from user wallets, and all assets stored in CoinDCX's cold wallet infrastructure remained safe, he said, adding that trading and INR withdrawals continue to function normally. A cold wallet is a type of cryptocurrency storage that's not connected to the internet for safety. How did it happen? CoinDCX attributed the incident to a 'sophisticated server breach." The compromised account was used for providing liquidity, which requires funds to be actively available, typically in hot wallets that are more vulnerable to hacks. The breach was contained by isolating the affected wallet. Even short windows of access to a hot wallet can result in massive losses. The anonymous and irreversible nature of blockchain transactions means funds can be moved and laundered quickly, often before teams can respond. Can CoinDCX or WazirX be held liable? Though crypto platforms operate in a decentralised ecosystem, liability in India is increasingly being determined based on the custodial nature of the platform. An important but not yet explicitly defined distinction in India's evolving crypto framework is between custodial and non-custodial platforms. Custodial platforms, such as centralised exchanges like CoinDCX and WazirX, hold users' private keys on their behalf. 'Custodial exchanges—where user funds are stored—are expected to maintain high standards of cyber hygiene and may be held accountable for operational negligence, even if customer funds are unaffected," said Sukrit Kapoor, Partner, King Stubb & Kasiva. '..the absence of crypto-specific regulations cannot be a defence for poor governance or failure to safeguard digital assets," he added. Why do crypto hacks keep happening? The latest incident ocurred almost exactly a year after crypto platform WazirX suffered a $234-million hack. Crypto platforms remain attractive targets for hackers owing to a combination of technical complexity, regulatory gaps, and limited legal recourse. Crypto firms deal with complex integrations: multiple blockchains, DeFi protocols, third-party custodians, and so on. Each new layer adds more potential vulnerabilities, especially if security isn't uniformly strong across all components. Also, Once funds are moved from a compromised wallet, there's no central authority—like a bank or regulator—to freeze or recover the stolen assets. Crypto exchanges lack centralized oversight or regulation in India so there's no way to recover stolen funds. These repeated incidents underscore the lack of centralised oversight or regulatory protection in India's crypto landscape. Indian crypto exchanges are not governed by a dedicated RBI or Sebi framework. However, under the IT Act, they must comply with CERT-In (Indian Computer Emergency Response Team) guidelines, which mandate reporting cybersecurity incidents within six hours and maintaining logs and records, said Rahul Hingmire, managing partner, Vis Legis Law Practice. The lack of crypto-specific laws or regulatory oversight means restitution is highly uncertain, especially when stolen assets are transferred across wallets and jurisdictions, especially offshore. This cauused WazirX to relocate to Panama. 'Panama is a known offshore jurisdiction with weak enforcement channels for foreign judgements, especially in crypto-related matters, making any legal claim from India practically toothless," said Raheel Patel, partner at Gandhi Law Associates. 'Indian regulators and courts may issue orders, but compelling a Panamanian entity with no physical or financial footprint in India to comply is near impossible without reciprocal enforcement treaties—which don't exist here." Who bears the brunt? Previously, victims of crypto hacks had little recourse due to a lack of regulatory clarity and cross-border complications. However, in March 2023, the Indian government brought virtual digital assets (VDAs), which include cryptocurrencies, under the purview of the Prevention of Money Laundering Act (PMLA). Crypto exchanges must now register with FIU-IND, follow KYC norms, and report suspicious activity. 'While these regulations are primarily aimed at preventing money laundering and terror financing, they indirectly impose a degree of accountability and operational diligence on exchanges," said Rohit Jain, Managing Partner, Singhania & Co. Nonetheless, recovering lost assets remains unlikely. 'Unless the foreign entity has identifiable promoters in India or assets traceable through KYC and banking trails, recovery becomes speculative," said Rishabh Gandhi, Managing Partner at Rishabh Gandhi and Advocates.
Mint
9 minutes ago
- Mint
CoinDCX hit by USD 44.2 mn security breach; founders say customer funds unaffected, safe
New Delhi, Jul 20 (PTI) Indian cryptocurrency exchange CoinDCX has suffered a security breach, resulting in theft of USD 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 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 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. 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 ₹ 5 lakhs will reflect in your account within 5 hours, while withdrawals above ₹ 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.
