Crypto Chaos: CoinDCX Falls Victim to Massive Hack
In a striking reminder of the mounting cyber threats facing crypto exchanges, CoinDCX, one in all India’s biggest crypto platforms, has unfortunately joined the list of victims. This platform, with its impressive user base of over 16 million and handling nearly $800 million in quarterly trades, has just experienced a big security breach.
Breaking Down the CoinDCX Hack
Hackers managed to siphon off roughly $42 million from the platform. According to on-chain investigator ZachXBT, the hacker’s wallet was initially funded with a single ETH through Tornado Cash, a notorious crypto mixer. Part of the stolen assets was then transferred from Solana to Ethereum.
Source: ZachXBT
Thankfully, there’s a small relief here—no customer funds were impacted. The attack targeted CoinDCX’s internal operational wallets somewhat than the client holdings.
CoinDCX CEO Sumit Gupta assured, “The incident was quickly contained by isolating the affected operational account. Since our operational accounts are segregated from customer wallets, the exposure is only limited to this specific account and is being fully absorbed by us, from our own treasury reserves.”
A Wake-Up Call for Centralized Crypto Platforms
This breach is not only an isolated incident. CoinDCX’s unlucky hack is a component of a slew of comparable high-profile attacks on crypto exchanges. Consider WazirX, one other major Indian crypto exchange, which was compromised for nearly $235 million around the identical time last yr. Coincidence, or are hackers deliberately targeting Indian platforms during this era? It’s hard to disregard the pattern.
Recently, the Iranian crypto exchange Nobitex also fell prey, losing over $90 million in what seemed to be a politically-motivated attack. These events collectively highlight the increasing vulnerabilities in centralized crypto platforms.
Blockchain security firm CertiK reported a staggering $2.47 billion lost to crypto theft in the primary half of 2025 alone. The usual suspects? Phishing schemes, code vulnerabilities, and wallet breaches.
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Image Credit: bravenewcoin.com
