CoinDCX suspected of $44.2M exploit with no official statement yet
Hacker used Tornado Cash and bridged funds from Solana to Ethereum
Incident flagged by Cyvers and confirmed by ZachXBT
In a troubling turn of events for India’s crypto scene, top blockchain investigator ZachXBT reported that CoinDCX, one of the country’s largest cryptocurrency exchanges, may have been exploited for $44.2 million—and surprisingly, the exchange has remained silent.
How the Exploit Was Detected
The breach came to light after Cyvers, a blockchain security platform, flagged suspicious activity involving CoinDCX wallets. Their findings caught the attention of ZachXBT, who independently verified the exploit.
The attacker allegedly funded their wallet using Tornado Cash, a mixing service commonly used to obscure transaction trails. Following this, the funds were bridged from Solana to Ethereum, making the trail harder to trace and raising concerns about how long the exploit might have gone unnoticed.
The wallet movements point to a deliberate and technically savvy operation—something that has unfortunately become increasingly common in the crypto world.
According to ZachXBT, Indian exchange CoinDCX was likely exploited for $44.2 million about 17 hours ago, with no public disclosure yet. The attacker funded their address via Tornado Cash and bridged stolen funds from Solana to Ethereum. The incident was first flagged by Cyvers.…
— Wu Blockchain (@WuBlockchain) July 19, 2025
CoinDCX Yet to Respond
Despite the large amount allegedly stolen and the mounting online evidence, CoinDCX has not released an official statement. This lack of transparency is raising red flags in the community. Users are demanding clarity, especially those with funds on the platform.
This incident, if confirmed, would mark one of the largest crypto exchange hacks in India’s history. It could also have regulatory implications, as authorities have been tightening scrutiny on crypto platforms in the country.
With the blockchain community already on high alert, many now await CoinDCX’s response and hope for a full forensic analysis of how such a large sum was siphoned off undetected for hours.
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