On July 22, 2025, the Indian cryptocurrency exchange CoinDCX confirmed a massive cyberattack, resulting in the theft of $44 million from its internal operational wallet. Cybersecurity experts from Cyvers link the incident to the North Korean hacker group Lazarus Group, known for its sophisticated attacks on centralized platforms. The breach occurred on July 19 within minutes when the attackers used cross bridges and the cryptocurrency mixer Tornado Cash to cover their tracks of the stolen assets, primarily $USDC and $USDT from the Solana blockchain.
The attack resembles the scheme used during the WazirX breach in 2024, which resulted in a loss of $234 million. CoinDCX assured that user funds in secure cold wallets were not affected, and the losses are being covered from corporate reserves. In response, the exchange launched a reward program of up to $11 million for anyone who helps trace and recover the assets.
Experts warn that repeated attacks on Indian exchanges indicate a weakness in regulatory oversight and the need for enhanced security. This incident highlights the vulnerability of centralized platforms and the increasing activity of state-sponsored hackers.
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