Major Cyberattack Hits CoinDCX: What Happened and What’s Next?
The Incident Unfolds
CoinDCX, one in every of India’s top cryptocurrency exchanges, recently experienced a major cyberattack leading to the loss of roughly $44 million from one in every of its internal accounts. The breach, which occurred on July 19, was publicly acknowledged by co-founder Neeraj Khandelwal the next day.
Reassurance: User Funds Safe
No Impact on User Funds, Says CoinDCX
In an in depth statement on X (formerly referred to as Twitter), Neeraj Khandelwal assured users that the lost funds were from CoinDCX’s treasury assets, and that customer assets remained untouched. He emphasized their priority was to secure all assets promptly.
Details of the Attack
CoinDCX clarified that the breach affected just one internal operational account used for liquidity provisioning on a partner exchange. The company reassured that no customer funds or wallets were compromised.
Leadership Response
Sumit Gupta, one other co-founder, expressed gratitude to those that reached out for clarity and support. He reiterated that the safety of user assets is CoinDCX’s top responsibility and promised a commitment to transparency.
While the breach was limited to an internal account without affecting customer funds, Gupta emphasized the seriousness of the incident. He called it a wake-up call for the crypto industry concerning the ever-evolving threats, not only in India but globally.
Gupta further stated, “As India’s largest crypto exchange, we are committed to setting new benchmarks in security and resilience to protect our customers and fortify industry-wide defenses.”
Understanding the Attack
Details of the Attack
CoinDCX explained that the attack led to the exposure of around $44 million from one operational account. The funds were moved through Solana-Ethereum blockchain bridges and included:
- 4,443 ETH valued at about $15.7 million
- 155,830 SOL valued at about $27.6 million, which stays dormant
The company is closely monitoring wallet activity with assistance from global blockchain analytics partners.
A Year of Challenges for Indian Crypto Exchanges
Second Major Indian Crypto Hack in a Year
This incident marks the second significant hack involving an Indian crypto exchange inside a yr. Back in July 2024, WazirX suffered a lack of $234 million when one in every of its wallets hosted on Liminal was compromised. That breach forced WazirX to temporarily suspend trading and withdrawals, causing panic amongst its 4.4 million users. In response, WazirX filed an FIR and launched a white-hat bounty program, offering as much as $23 million for information that might help get better the stolen funds.
Published On: Jul 21, 2025
Image Credit: www.indiatoday.in
