22.07.2025 05:25

CoinDCX, a prominent Indian cryptocurrency exchange, initiated a substantial white-hat hacking bounty program following a significant security breach. On Friday, the exchange suffered a $44 million exploit targeting internal accounts dedicated to liquidity provision. Importantly, user funds remained untouched during this incident.

Sumit Gupta, CoinDCX's CEO, revealed the details of the recovery initiative via a Monday post on X. He confirmed the stolen funds were drawn from the company's internal reserves, emphasizing that the priority wasn't solely financial recovery but also apprehending the perpetrators to prevent future incidents within the industry and across the broader crypto landscape. Gupta's statement reassured users that the platform's operational functionality remained unaffected by the hack.

This security breach follows a similar incident involving WazirX, another Indian cryptocurrency exchange, which experienced a $230 million theft last year. While substantial, these attacks are dwarfed by the record-breaking $1.4 billion heist targeting Bybit in February, highlighting the persistent vulnerability of centralized exchanges.

According to Michael Pearl, Vice President of GTM Strategy at Cyvers, a blockchain security firm, the CoinDCX incident underscores a worrying trend of escalating exploits against centralized cryptocurrency exchanges. He stated that these recent hacks serve as potent warnings, revealing the ongoing susceptibility of these platforms to sophisticated attacks exploiting vulnerabilities in their access control systems. This renewed wave of attacks highlights the critical need for enhanced security measures within the cryptocurrency exchange ecosystem.