On July 19, 2025, one of India's largest cryptocurrency exchanges, CoinDCX, suffered a serious hack, losing approximately $44.2 million. This was reported by blockchain researcher ZachXBT. The hacker targeted the internal operational wallet used to provide liquidity on the partner exchange. The attack began with 1 ETH through Tornado Cash, and the funds were transferred from Solana to Ethereum, complicating their recovery. CoinDCX CEO Sumit Gupta confirmed the breach, assuring that users' funds in cold wallets remained safe. The exchange isolated the compromised account and will cover the losses from its own reserves. Trading and withdrawal of INR continue without interruption, but Web3 operations have been temporarily suspended.
This incident, which occurred a year after the $235 million hack of WazirX, highlights cybersecurity issues in the Indian crypto market. CoinDCX is collaborating with partners to recover assets and plans to launch a bug bounty program. The delay in disclosure has drawn criticism, emphasizing the need for transparency. Experts urge exchanges to implement real-time alerts and independent audits. As the popularity of cryptocurrencies grows, reliable security becomes critically important.
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