22.07.2025 15:09

A significant security breach has impacted CoinDCX, India's pioneering digital asset unicorn, resulting in a staggering $44.2 million loss. Hackers successfully compromised a critical internal operational account, specifically one dedicated to maintaining liquidity on a partner exchange, thereby disrupting the smooth functioning of trading activities.

This incident marks the second substantial crypto hack in India within a single year, following the July 2024 attack on WazirX, which involved a reported loss of $230 million and was attributed to North Korea's Lazarus Group. Importantly, CoinDCX has emphasized that customer funds remain unaffected and that its platform's core operations – including INR withdrawals and trading – continue without interruption.

Despite the substantial financial blow, CoinDCX co-founder Sumit Gupta has reassured users that no customer assets are at risk. The company will absorb the entire loss from its reserves, Gupta confirmed, stating that these reserves remain robust and sufficient to handle the situation. A comprehensive investigation, involving collaboration with leading international cybersecurity experts, is underway. Furthermore, CoinDCX is actively cooperating with both law enforcement and forensic agencies to recover the stolen funds and bring the perpetrators to justice.

Following the attack, CoinDCX experienced a surge in INR withdrawal requests, totaling 31,462. Gupta reported that an impressive 98.09% of these requests—30,862—were processed swiftly and efficiently. The remaining 600 requests are being processed diligently and are anticipated to be completed within 72 hours. This incident underscores growing concerns about the susceptibility of cryptocurrency platforms to increasingly sophisticated cyberattacks. CoinDCX's internal security and operations teams are dedicated to investigating the breach thoroughly, aiming to prevent similar incidents in the future.