#CryptoScamSurge ARE INDIAN CRYPTO EXCHANGES SAFE?

Indian Crypto Exchange CoinDCX Suffers $44M Hack

The timing of the hack carries an unsettling echo: it occurred exactly one year after another Indian exchange, WazirX, was hacked for $235 million.

Indian cryptocurrency exchange CoinDCX suffered a $44 million security breach on Friday.

The exchange said the breach was quickly contained, and that customer assets were untouched and remain stored in cold wallets.

The exchange is working with cybersecurity partners to investigate the breach and recover assets, and has absorbed the loss from its own treasury reserves, it added.

Indian cryptocurrency exchange CoinDCX has suffered a $44 million security breach on Friday, after hackers managed to compromise an internal account used for liquidity operations with an unnamed partner exchange.

The platform’s co-founder and CEO Sumit Gupta disclosed the exploit on Saturday, describing it as a “sophisticated server breach.” The disclosure of the breach came only after popular blockchain sleuth ZachXBT revealed the breach on his Telegram channel.