20.07.2025 06:15
A sophisticated server breach led to a significant cryptocurrency heist targeting CoinDCX, a prominent Indian crypto exchange. The incident, revealed early Saturday morning in India, resulted in the loss of approximately $44.2 million from an internal operational account. Crucially, the exchange swiftly assured its users that their personal funds remained untouched and unaffected by this security lapse.
Sumit Gupta, CoinDCX's CEO, publicly confirmed the hack via a post on X (formerly Twitter), emphasizing that only an internal account utilized for liquidity management on a partnered exchange was compromised. Gupta stressed that the company's secure cold wallet infrastructure, holding customer assets, remained entirely safe and operational. Trading activity and INR withdrawals continued without interruption, reinforcing the CEO's assurance of customer fund safety.
The breach first came to light thanks to the meticulous work of blockchain investigator ZachXBT, who identified suspicious transactions and pinpointed the compromised wallet as belonging to CoinDCX. ZachXBT's Telegram post detailing the hack, which involved the movement of funds across different blockchains, preceded the official confirmation from CoinDCX. This investigative work highlighted the use of Tornado Cash, a privacy-enhancing tool, and the subsequent bridging of funds from Solana to Ethereum, underscoring the complexity of the attack. The incident, further investigated by the blockchain security firm Cyvers, confirmed the scale and nature of the theft.
This incident follows a pattern of recent cryptocurrency exchange hacks, including the politically-motivated attack on Iranian exchange Nobitex on June 18th. The CoinDCX breach, occurring almost exactly a year after the $230 million WazirX exploit, underscores the ongoing vulnerabilities within the cryptocurrency ecosystem and the persistent threat posed by sophisticated cyberattacks. The timely response and transparent communication from CoinDCX, while alarming, prevented wider panic and showcased a proactive approach to managing the aftermath of such a serious incident.
