Crypto Exchange CoinDCX Faces Cyberattack, Assures Customer Safety

The Cyber Breach

Almost a yr after WazirX, India’s biggest crypto exchange on the time, was hit by an enormous hack that led to a $235 million loss in crypto assets, one other storm has brewed within the Indian crypto world. CoinDCX, the nation’s second-largest crypto exchange, announced that considered one of their internal operational accounts was breached by hackers on Thursday, resulting in a theft of $44.2 million.

Customer Funds Remain Untouched

The excellent news? CoinDCX has reassured its users that their funds are protected and sound. Despite the breach, all trading activities and INR withdrawals remain fully functional. So, in the event you’re a customer, you may breathe easy knowing that your assets are still secure.

Details of the Breach

Based out of Mumbai, CoinDCX shared that the compromised account was solely used for something called “liquidity provisioning” on a partner exchange. In layman’s terms, this account was meant to assist maintain balance and flow in trading, to not store customer funds. Co-founder Sumit Gupta took to X late at night to substantiate that the wallets holding customer assets were unaffected by this sophisticated server breach.

Sumit Gupta’s Assurance

In his statement, Gupta emphasized that, “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.”

A Look Back and Moving Forward

As the crypto world continues to grow, so do the challenges it faces, including cyber threats. But with quick communication and a solid reassurance strategy, CoinDCX is demonstrating the way to handle such crises effectively. While this recent attack is a reminder of the constant vigilance required, customers can rest assured that their funds are secure and the exchange is taking steps to forestall future incidents.

Image Credit: www.fortuneindia.com