CoinDCX Hacked: ₹368 Crore Lost in Major Cryptocurrency Security Breach

Around ₹ 368 Cr. Lost in a Huge Security Breach, Where Crypto Platform CoinDCX Hacked

 

“On Saturday, the hack happened and targeted one of the firm’s internal operational accounts.”

 

One of India’s cryptocurrency exchanges, CoinDCX, has reported a cyberattack that resulted in a loss of around $44 million (almost Rs 368 crore) due to a significant security issue.

One of the company’s internal operational accounts was the focus of the attack, which happened early on Saturday.

The Mumbai-based cryptocurrency company has, however, guaranteed customers that their private money is totally secure.

CoinDCX clarified in a statement that no customer assets were stored on the compromised account, which was solely utilized for liquidity operations on a partner exchange.

Sumit Gupta, Co-founder, CoinDCX

 

According to CoinDCX co-founder Sumit Gupta’s social media explanation, this specific account was compromised by a “sophisticated server breach.”   He went on to say that the company’s treasury reserves, which are “sufficiently healthy” to withstand the harm, will cover all of the losses.   Additionally, Gupta cautioned investors against panicking. He said on X, “Don’t panic, sell your assets,” cautioning that such actions frequently lead to poor prices and needless losses. “Give the markets time to settle. Remain composed and self-assured.

 

 

CoinDCX immediately halted its Web3 trading platform as a precaution after discovering the hack.

But it’s back online now. On the primary cryptocurrency exchange, regular trading and INR withdrawals were never halted, and users are still able to utilize the platform without any problems.

To investigate the breach, fix vulnerabilities, and track down the stolen money, the company’s internal security team is presently collaborating with international cybersecurity partners.

 

Bug Bounty Program Launch | Reward $11 Million

 

Additionally, CoinDCX intends to start a bug bounty program shortly. Through payments, this program will incentivize ethical hackers to report system vulnerabilities.

Although some users have been alarmed by the occurrence, CoinDCX has pledged to release all confirmed information as soon as the investigation is over.

 

 

Sumit Gupta, Co-founder, CoinDCX

 

“This is more than just an internal matter. It’s a reminder of the evolving threats facing crypto platforms globally,” Gupta said.

The hack occurs at a time when India is paying close attention to crypto security. Soon, the government is anticipated to publish its first crypto policy document, which may result in more precise rules for the industry.

A significant Indian exchange has previously been hacked. WazirX lost more than $230 million in cryptocurrency last year as a result of a security incident involving stolen private keys.

According to CoinDCX, it is taking this situation extremely seriously and will keep working to create a reliable and secure cryptocurrency environment in India.

About The Author

Suraj Koli is a content specialist in technical writing about cybersecurity & information security. He has written many amazing articles related to cybersecurity concepts, with the latest trends in cyber awareness and ethical hacking. Find out more about “Him.”

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