$XLM CoinDCX loses $44 million in a hack, one year after the WazirX breach

The Indian cryptocurrency exchange CoinDCX suffered a $44 million hack that compromised an internal account used for liquidity operations.

The company stated that customer funds were unaffected and remain in cold storage. The leak, revealed on Saturday by CEO Sumit Gupta, was disclosed only after blockchain researcher ZachXBT detected suspicious activity.

The attack targeted an operational wallet connected to an associated exchange platform. Gupta described it as a "sophisticated server breach" and stated that the exposure was limited due to wallet segregation practices.

CoinDCX has absorbed the total loss from its treasury reserves, according to the statement. The platform is working with cybersecurity firms and partners to investigate the vulnerability and trace the stolen assets.

The event occurred one year after the Indian cryptocurrency exchange WazirX suffered a $235 million hack.