CoinDCX, a cryptocurrency exchange in India, was attacked by hackers, but customer funds remain safe.
The incident only affected the active liquidity provider account, not the user assets. The exchange is cooperating with the authorities to recover the stolen assets and is preparing to implement a bounty program.
MAIN CONTENT
CoinDCX was hacked, but user assets were not affected.
The incident only occurred at an active liquidity provider account.
The exchange is cooperating with the authorities and plans to implement a bounty for tracing.
How was CoinDCX attacked and how did it affect customer assets?
Information revealed by cybersecurity expert ZachXBT shows that CoinDCX was attacked at a separate liquidity provider account, not affecting user assets stored in cold wallets. Co-founder Sumit Gupta confirmed that transactions and withdrawals are proceeding normally, ensuring the safety of customer funds.
All customer assets are stored in separate cold wallets, thus not affected by this incident.
Sumit Gupta, co-founder of CoinDCX, July 2024
Managing cryptocurrency in cold wallets helps protect assets against cyber attacks, ensuring maximum privacy and safety for users.
How did CoinDCX respond and handle the incident?
Immediately after detecting the incident, CoinDCX closely coordinated with law enforcement agencies to investigate and trace the source of the stolen funds. At the same time, they are preparing to launch a bounty program to attract the community and cybersecurity experts to assist in recovering the lost assets.
We are committed to recovering the maximum amount of lost assets while enhancing security measures to protect users.
Sumit Gupta, co-founder of CoinDCX, July 2024
This move reflects the experience and professionalism in handling security crises, reinforcing investor confidence and trust in CoinDCX.
How secure is CoinDCX's asset storage system?
CoinDCX employs a completely isolated storage method for user assets in cold wallets, minimizing risks when connected online. This is the standard in the cryptocurrency industry to protect customer funds against attacks and technical incidents.
Asset Type Storage Method Security Level Customer Funds Cold wallet isolated High, not directly accessible from the internet Liquidity provider account Hot wallet & online account Lower, may be a point of attack
Frequently Asked Questions
Does CoinDCX ensure the safety of customer assets?
With the isolated cold wallet storage method, CoinDCX ensures that customer assets are completely safe from cyber attacks.
Does the hack affect user transactions?
No, all transactions and withdrawals are still proceeding normally, with no disruption due to the incident.
Does the exchange have any program to trace the attacker?
CoinDCX is about to launch a bounty program to attract community support for tracing and recovering assets.
How have the authorities participated in handling the incident?
The exchange has closely collaborated with the Indian authorities to investigate and trace the stolen assets.
Do users need to do anything to protect their assets?
Regularly check wallet activities and use personal security measures such as multi-factor authentication.
Source: https://tintucbitcoin.com/coindcx-dam-bao-quy-khach-an-toan/
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