On July 19, 2025, India’s largest crypto exchange, CoinDCX, was hacked for a jaw-dropping $44.2 million — and the way it happened will leave you speechless.
🔍 How Did the Hackers Pull It Off?
The attackers gained access to an internal operational wallet and drained the funds in minutes. But surprisingly, all customer assets remained untouched and safe.
What’s even more shocking? CoinDCX didn’t report the hack for 17 hours. It was ZachXBT, a well-known blockchain investigator, who exposed the breach publicly first.
🧠 The Hackers? North Korea’s Lazarus Group.
Security experts have linked the attack to the infamous Lazarus Group—a North Korean cybercrime syndicate known for high-level crypto heists.
They ran a "dry run" test transaction of just 1 USDT on July 16 using Tornado Cash to hide their tracks. Then, they bridged the stolen funds from Solana to Ethereum, making it even harder to trace.
🔐 How Did It Happen?
While the exact exploit method hasn’t been confirmed, it's believed that exposed backend credentials gave the hackers access to internal wallets used for exchange liquidity.
💬 CEO Speaks Out — Too Late?
CoinDCX CEO Sumit Gupta confirmed the breach but only after massive community pressure. He assured users that customer funds are safe and the company is now working with cybersecurity experts to investigate and recover the stolen crypto.
📉 Why the Delay in Disclosure?
This slow response triggered criticism from the Indian crypto community. Many argue that transparency is crucial in such events — especially from a top-tier exchange.
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🛡️ My Take:
This is a wake-up call for ALL exchanges — and for every crypto user.
No matter how big the platform is, security and transparency must come first.
Let’s hope this pushes Indian exchanges to level up their game and protect user trust.
#CoinDCX #India #CryptoHack #LazarusGroup #Bin
anceSquare #CryptoSecurity
