Latest news with #NeerajKhandelwal
India.com
3 hours ago
- Business
- India.com
Rs 3780000000 loss: Major security breach hits Indian crypto exchange CoinDCX, here's what exactly happened?
Rs 3780000000 loss: Major security breach hits Indian crypto exchange CoinDCX, here's what exactly happened? A major security breach was reported at Indian cryptocurrency exchange CoinDCX in recent days. Because of the security breach**,** the company lost approximately Rs 378 crore (USD 44.2 million). As per reports, the incident took place on July 19 at around 4 am. Someone made unauthorised access to an internal operational account on a partner exchange. However, CoinDCX has assured its users that the security breach will not affect their funds and they will remain secure. CoinDCX Filed An FIR According to the FIR, the Indian cryptocurrency exchange stated that it is covering the entire financial loss using its own treasury funds, so customers won't be affected. Co-founders Sumit Gupta and Neeraj Khandelwal took to X and attributed the major security breach to 'sophisticated server attack' that attacked the internal wallet whish is used by the company for liquidity provisioning. '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 wrote in the post. 'The total amount lost was Rs378 crore ($44 million) out of our treasury assets. CoinDCX Treasury will be bearing these losses,' Khandelwal posted. Who Detected The Security Breach? The security breach was first detected by blockchain investigator ZachXBT, following which CoinDCX made the announcement. A 17-hour delay in publicly disclosing the incident has drawn online criticism, despite widespread praise for the company's efforts to safeguard user funds. Withdrawal Requests Overwhelmed CoinDCX's Systems As soon as the security breach news came out, users overwhelmed the CoinDCX's systems with withdrawal requests, leading to its portfolio APIs becoming temporarily unresponsive. The API is responsible for displaying balances and transaction histories, but due to the unresponsiveness, several users were stuck and were unable to view their holdings. Following a security breach, CoinDCX fired leading cybersecurity firms and reported the incident to India's CERT-In. A full investigation is underway, and the company plans to release its findings. This incident comes after a significant 2024 hack of WazirX, resulting in India's largest cryptocurrency exchange theft to date, exceeding Rs1,965 crore (USD 230 million).
Entrepreneur
10 hours ago
- Business
- Entrepreneur
CoinDCX Launches Crypto Recovery Bounty After USD 44 Mn Breach
CoinDCX introduced a Recovery Bounty Program that offers up to 25 percent of any successfully recovered funds as a reward for actionable intelligence leading to the retrieval of assets and identification of the attacker. You're reading Entrepreneur India, an international franchise of Entrepreneur Media. Cryptocurrency exchange CoinDCX has announced a major initiative to recover digital assets worth approximately USD 44.2 million stolen in a recent security breach. The company unveiled a Recovery Bounty Program on Monday, offering rewards of up to 25 percent of any successfully retrieved funds to individuals who provide actionable intelligence that leads to asset recovery or the identification of the perpetrator. The potential bounty could reach USD 11 million, making it the largest of its kind in India's crypto sector. The breach targeted an internal operational wallet on the Solana blockchain between July 18 and 20, and was confirmed by the company late Friday. "We are collaborating with exchange partners to block and recover assets," said Neeraj Khandelwal, Co-founder of CoinDCX. "At the same time, we are launching this bounty program to strengthen our defences and reinforce transparency." As of Sunday, CoinDCX reported that a significant portion of the stolen assets appeared to be consolidated in two crypto wallets—one holding around 155,830 SOL (approximately USD 27.6 million) and another containing 4,443 ETH (about USD 15.7 million). The company is working with cybersecurity firms Sygnia, zeroShadow, and Seal911 to investigate the breach. It has also partnered with the Solana Foundation, Superteam, and bridge infrastructure providers Wormhole and deBridge to support asset recovery efforts. CoinDCX emphasized that no customer funds were affected in the incident. The compromised wallet was reportedly used solely for internal operations and was managed through a partner exchange. The firm is now inviting ethical hackers, white-hat researchers, and cybersecurity experts to join the recovery effort. Contributions will be assessed based on credibility and potential impact, and participants can contact the company via the dedicated email address provided. Blockchain security firm Cyvers reported that the attacker made off with funds denominated in USDC and USDT. While CoinDCX has not officially confirmed the total stolen amount, the figure aligns with Cyvers' analysis. The breach mirrors a similar incident involving rival exchange WazirX last year. On July 18, 2024, WazirX launched a global bounty program offering up to USD 23 million to help retrieve USD 234 million in stolen crypto. Despite the effort, only about USD 3 million of the assets were frozen, with the remainder laundered through crypto mixers. CoinDCX's new program highlights a growing reliance on community-led initiatives to combat crypto-related cybercrime.
Indian Express
a day ago
- Business
- Indian Express
CoinDCX offers 25% bounty to recover stolen crypto in $44-mn hack
CoinDCX, one of India's leading cryptocurrency exchanges, has announced a recovery bounty program after suffering a security breach that led to the loss of approximately $44 million (around Rs 379 crore). The company is offering up to 25 per cent of the recovered funds as a reward to those who help retrieve the stolen crypto and assist in identifying and bringing the attackers to justice. If all lost assets are recovered, the bounty could reach a total value of $11 million (Rs 94.6 crore). In a statement, CoinDCX emphasised that the effort goes beyond just recovering funds — it's about uniting the Web3 community to stand against cybercrime. 'This is not just about us. This is about standing up for what's right, for the safety, transparency, and future of the entire Web3 ecosystem. It's a war against cybercrime,' the company said. Co-founder Neeraj Khandelwal highlighted that the breach was not only an attack on CoinDCX but on trust itself. 'When one of us is targeted, all of us are affected. CoinDCX is committed to using this incident as a turning point—to strengthen our defenses, reinforce transparency, and work with the best minds in the industry to make recovery real and replicable,' he said. He added that the company is actively working with an exchange partner to block and recover the stolen assets and is fully committed to the recovery effort. 'We will emerge from this stronger, together,' Khandelwal said. The company also issued a call to action, inviting ethical hackers, white-hat researchers, and partners across the ecosystem to join the fight against cybercrime.
Economic Times
a day ago
- Business
- Economic Times
Mid-year update: Crypto thefts top $2.17 billion in 2025, shows data
AP 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 $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. The report revealed that threat actors who have compromised services tend to exhibit higher levels of sophistication than those targeting personal wallets. At USD 1.5 billion, the ByBit hack not only represents the largest crypto theft in history, but also accounts for approximately 69 per cent of all funds stolen from services this year, Chainalysis said. "The sophistication and scale of this attack underscore the evolving capabilities of state-sponsored threat actors in the crypto space, and comes after a notable slowdown in the second half of 2024," it added. The report assumes significance in the backdrop of Indian cryptocurrency exchange CoinDCX suffering a security breach, resulting in theft of USD 44.2 million, or Rs 378 crore. CoinDCX co-founders Sumit Gupta and Neeraj Khandelwal took to the social media platform 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. 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. Among other notable cryptocurrency thefts are those involving Cetus Protocol, which saw losses estimated between USD 200-260 million in May this year, and BigONE, which suffered a theft of USD 27 million in July 2025. Elevate your knowledge and leadership skills at a cost cheaper than your daily tea. From near bankruptcy to blockbuster drug: How Khorakiwala turned around Wockhardt Paid less than plumbers? The real story of freshers' salaries at Infy, TCS. What if Tata Motors buys Iveco's truck unit? Will it propel or drag like JLR? As deposit ground slips under PSU banks' feet, they chase the wealthy If data is the new oil, are data centres the smokestacks of the digital age? Stock Radar: M&M likely to break out from 1-year consolidation range; time to buy? Will consumer stocks see a comeback this festive season? 12 stocks to keep an eye on even when analysts are not bullish Don't fear volatility, focus on businesses: 5 mid-cap stocks from different sectors with upside potential of up to 27% Best way to deal with volatility, just ' Hold' for wealth creation: 7 large-cap stocks with an upside potential of up to 41%
Time of India
a day ago
- Business
- Time of India
Mid-year update: Crypto thefts top $2.17 billion in 2025, shows data
Academy Empower your mind, elevate your skills 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 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 $1.5 billion hack of ByBit, the largest single hack in crypto history, accounts for the majority of service 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 report revealed that threat actors who have compromised services tend to exhibit higher levels of sophistication than those targeting personal USD 1.5 billion, the ByBit hack not only represents the largest crypto theft in history, but also accounts for approximately 69 per cent of all funds stolen from services this year, Chainalysis said."The sophistication and scale of this attack underscore the evolving capabilities of state-sponsored threat actors in the crypto space, and comes after a notable slowdown in the second half of 2024," it report assumes significance in the backdrop of Indian cryptocurrency exchange CoinDCX suffering a security breach, resulting in theft of USD 44.2 million, or Rs 378 co-founders Sumit Gupta and Neeraj Khandelwal took to the social media platform X to reassure that customer funds remained unaffected and safe, with the compromise limited to an internal operational total exposure is being absorbed entirely by CoinDCX, using the company's treasury reserves, the company said in a First Incident Report released on 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 other notable cryptocurrency thefts are those involving Cetus Protocol, which saw losses estimated between USD 200-260 million in May this year, and BigONE, which suffered a theft of USD 27 million in July 2025.
