Jul 22, 10:34 AM

CoinDCX Hack Costs $44 Million; Exchange Assures User Funds Safe

Indian crypto exchange CoinDCX said a security breach on 19 July drained about $44 million from an internal account used for liquidity provisioning. The loss was confined to the single operational wallet and did not affect customer assets or withdrawals, the company said. Co-founder and Chief Executive Officer Sumit Gupta added that CoinDCX will cover the entire loss from its own treasury. The Mumbai-based platform reported annualised revenue of ₹1,179 crore and more than ₹10,000 crore in assets under custody, and said trading and other services remain fully operational while forensic work continues with external cybersecurity firms. The incident comes amid a spike in crypto thefts globally and follows a $230 million hack at rival Indian exchange WazirX exactly one year earlier, underscoring persistent vulnerabilities in centralised trading venues.

#CoinDCX #Sumit Gupta #Mumbai #Indian exchange WazirX

Written with ChatGPT .

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