Indian cryptocurrency exchange CoinDCX was hacked on Friday, resulting in a loss of $44 million.
The hacker breached one of CoinDCX's internal accounts used for 'liquidity provision' through a server vulnerability.
According to CoinDCX CEO Sumit Gupta, the exploit did not affect user funds. He stated that all customer funds are still secure and added:
The incident was quickly brought under control, and we isolated the affected operational accounts. Since we separated the operational accounts from customer wallets, the loss is limited to this specific account and is fully absorbed by our financial reserves.
The investigator of the incident, ZachXBT, stated that the attacker's address acquired 1 Ethereum (ETH) through Tornado Cash and transferred part of the stolen funds from Solana to Ethereum.
Cointelegraph had reached out to CoinDCX for comments, but had not received a response by the time of publication.
Analyst Infinity Hedge noted that well-known Indian exchange WazirX was hacked on the same day last year, resulting in a loss of $235 million, highlighting the ongoing security threats faced by the crypto industry and investors.
This incident is still developing, and new information will be added as it becomes available.
Related news: GMX halts trading, token issuance stopped due to $40 million exploit.
