CoinDCX offers a $11M bounty after a $44M hack, urging ethical hackers to help recover funds and expose the attackers.
Despite the breach, customer funds remain untouched as CoinDCX covers losses using its reserves while boosting transparency efforts.
The incident sparks renewed calls for stronger wallet security, real-time monitoring, and tighter compliance in India’s crypto industry.
India’s largest crypto exchange, CoinDCX, has launched a recovery bounty program after suffering a $44.2 million hack. The exchange confirmed that unauthorized access to one of its accounts on a partner platform caused the breach. It has now offered up to 25% of any recovered funds—around $11 million—to those who help identify and trace the attackers.
The hack did not impact customer assets, according to co-founders Sumit Gupta and Neeraj Khandelwal. They confirmed that the exchange will cover the full loss using treasury reserves. Still, the incident has triggered debate across India crypto, raising concerns over wallet security and operational controls.
Strong Response But Lingering Questions
CoinDCX’s response has been swift and clear. Besides assuring users that their funds are safe, the team has emphasized transparency. The new bounty program now invites white-hat hackers, blockchain researchers, and ethical investigators to assist with the recovery. The exchange aims not only to retrieve funds but also to boost community action against cybercrime.
However, experts say that the breach exposes bigger flaws. The hack exploited a cross-platform integration point, prompting renewed calls for stronger safeguards. Analysts argue that crypto exchanges must enforce stricter hot wallet limits and integrate real-time monitoring tools.
A Wake-Up Call for India’s Crypto Sector
This incident has reignited the conversation on regulatory clarity and mandatory audits. Hence, many now believe that India’s crypto sector needs stricter compliance checks. CoinDCX has previously claimed its systems were safe against major attacks. Gupta had insisted on its multi-layer security, including monthly proof-of-reserve reports and diversified custodianship.
Still, the incident contradicts these claims. Moreover, CoinDCX’s long-standing restriction on crypto withdrawals has frustrated users. The exchange only enables withdrawals after an internal review, citing security reasons.
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