๐จ Major breach of the Indian CoinDCX platform: Estimated losses of $44.2M!
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๐ต๏ธโโ๏ธ Attack details:
โ The hacker started with 1 ETH from Tornado Cash
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โ Then transferred funds from Solana to Ethereum to obscure the trail
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โ The hacked account was internal and used for providing liquidity, not for holding customer funds
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๐ฆ Platform's response:
โ CEO Sumit Gupta confirmed that customer funds are safe in cold wallets
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โ CoinDCX will absorb the losses from its own reserves
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โ The breach was contained quickly and work is ongoing with cybersecurity experts to recover the funds
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๐ก Why does it matter?
โ Highlights the importance of separating operational wallets from customer wallets
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โ Shows the evolution of hacking methods such as using Tornado Cash and transferring across multiple networks
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โ Paves the way for extensive security improvements in Indian trading platforms
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โDo you think this type of attack will accelerate the adoption of more advanced security solutions?
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