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Business Standard
21-07-2025
- Business
- Business Standard
CoinDCX offers up to 25% recovery bounty after $44.2 mn crypto theft
CoinDCX offers up to 25% bounty after $44.2 mn theft. Firm seeks white-hat help in crypto recovery, amid rising cyberattacks on Indian exchanges New Delhi Cryptocurrency exchange platform CoinDCX has unveiled a recovery bounty initiative after a security breach that led to the theft of $44.2 million (around ₹378 crore) from its treasury. The platform will offer up to 25 per cent of recovered funds as a reward to those who assist in retrieving the stolen assets and identifying the culprits. The CoinDCX Recovery Bounty Programme, announced on Monday, invites ethical hackers, white-hat researchers, and ecosystem partners to collaborate in the investigation. The company said the aim is not only to recover funds but also to 'rally the Web3 community in the fight against cybercrime'. According to the statement, the potential bounty pool could amount to as much as $11 million, provided full recovery is achieved. Internal account breach, not customer wallets The breach, which was announced on Saturday (July 19), involved unauthorised access to one of CoinDCX's operational accounts used for liquidity provisioning on a partner exchange. Co-founder and CEO Sumit Gupta clarified that the compromised account was isolated and that customer funds were never at risk. 'The affected operational account is segregated from customer wallets. The entire loss will be absorbed by us using our treasury reserves,' said Gupta in a post on X. Announcing the @CoinDCX Recovery Bounty Program: Up to 25% of any recovered funds will be awarded to individuals or teams who can help trace and retrieve the stolen crypto. Just to give more context: -> We want to be upfront. The exposure was from our own reserves, and we have… — Sumit Gupta (CoinDCX) (@smtgpt) July 21, 2025 Co-founder Neeraj Khandelwal echoed the reassurance, saying, 'Our first and foremost objective throughout the day has been to secure assets. Coindcx Treasury will be bearing these losses.' Funds routed via Solana and Ethereum Preliminary investigations revealed that the stolen assets were moved through Solana-Ethereum bridges and later consolidated into 4,443 ETH (roughly $15.7 million) and 155,830 SOL (valued at $27.6 million). These funds are currently dormant, and CoinDCX is working with partners to freeze and recover them. As part of its response, the firm is collaborating with global cybersecurity experts, CERT-In (India's Computer Emergency Response Team), and partner exchanges. A detailed forensic report will be made public upon completion of the investigation. Following the attack, users reported issues accessing their portfolios, which CoinDCX attributed to server load caused by increased traffic. The firm has since scaled its server capacity, and access has been restored. 'We have significantly enhanced server capacity to serve users better,' Khandelwal said in a follow-up post. Part of a larger pattern? The CoinDCX incident follows a similar attack on WazirX, another Indian exchange, which suffered a $230–235 million breach in July 2024. In that case, WazirX proposed a socialised loss solution that returned only partial funds to users, drawing criticism from the crypto community. Founded in 2018, CoinDCX claims to have over 16 million users and recorded $492 million in spot trading volume in May 2025, with Bitcoin and Ethereum leading trades. CoinDCX has said that the breach is a moment of reckoning, not retreat. 'Every security incident is a learning experience. We will come out stronger and work with the community to secure the industry,' said Gupta.
Time of India
21-07-2025
- Business
- Time of India
CoinDCX rolls out recovery bounty programme after $44.2 million theft
The CoinDCX Recovery Bounty Program calls on ethical hackers, white-hat researchers, and partners across the ecosystem "not just to recover funds, but to rally the Web3 community in the fight against cybercrime". Tired of too many ads? Remove Ads Indian cryptocurrency exchange CoinDCX , which recently suffered a theft of $44.2 million, or Rs 378 crore, on Monday announced to offer up to 25% of recovered funds as a reward for information that helps in the retrieval of stolen assets and identification of the CoinDCX Recovery Bounty Program calls on ethical hackers , white-hat researchers, and partners across the ecosystem "not just to recover funds, but to rally the Web3 community in the fight against cybercrime".Up to "25 per cent of all successfully recovered funds will be awarded to partners who play an active role in retrieving the stolen crypto in the incident and assist in the identification and conviction of the attackers."Bounty Pool Potential: Up to $11 million in value in the scenario of a full recovery," CoinDCX said in a security systems detected unauthorised access to one of its accounts on the partner exchange on Saturday, resulting in a financial exposure of about $44 total loss is being absorbed entirely by CoinDCX using the company's treasury reserves, with no customer funds affected, co-founders Sumit Gupta and Neeraj Khandelwal had said.
News18
21-07-2025
- Business
- News18
After USD 44.2 mn theft, CoinDCX rolls out recovery bounty programme
New Delhi, Jul 21 (PTI) Indian cryptocurrency exchange CoinDCX, which recently suffered a theft of USD 44.2 million, or Rs 378 crore, on Monday announced to offer up to 25 per cent of recovered funds as a reward for information that helps in the retrieval of stolen assets and identification of the culprits. The CoinDCX Recovery Bounty Program calls on ethical hackers, white-hat researchers, and partners across the ecosystem 'not just to recover funds, but to rally the Web3 community in the fight against cybercrime". Up to '25 per cent of all successfully recovered funds will be awarded to partners who play an active role in retrieving the stolen crypto in the incident and assist in the identification and conviction of the attackers. 'Bounty Pool Potential: Up to USD 11 million in value in the scenario of a full recovery," CoinDCX said in a statement. CoinDCX security systems detected unauthorised access to one of its accounts on the partner exchange on Saturday, resulting in a financial exposure of about USD 44 million. The total loss is being absorbed entirely by CoinDCX using the company's treasury reserves, with no customer funds affected, co-founders Sumit Gupta and Neeraj Khandelwal had said. PTI ANK MBI ANK SHW Disclaimer: Comments reflect users' views, not News18's. Please keep discussions respectful and constructive. Abusive, defamatory, or illegal comments will be removed. News18 may disable any comment at its discretion. By posting, you agree to our Terms of Use and Privacy Policy.
