One of the largest crypto exchanges in India just lost millions of dollars worth of digital assets following a security breach first reported by the pseudonymous on-chain investigator ZachXBT.
In a post on the messaging platform Telegram, ZachXBT says that an attacker siphoned $44.2 million from CoinDCX and bridged some of the stolen funds from Solana (SOL) to Ethereum (ETH).
CoinDCX co-founder and CEO Sumit Gupta later confirmed the unauthorized withdrawals in a post on the social media platform X.
“Today, one of our internal operational accounts – used only for liquidity provisioning on a partner exchange – was compromised due to a sophisticated server breach.”
Gupta says the company quickly contained the incident and clarified that the wallets used to store customer assets are not affected and are completely safe. He says CoinDCX is also working to patch vulnerabilities, trace the movement of the funds, as well as block and recover the stolen assets.
“Since our operational accounts are segregated from customer wallets, the exposure is only limited to this specific account and is being fully absorbed by us – from our own treasury reserves.”
However, ZachXBT says the exchange took much too long to disclose the incident, alleging that CoinDCX waited 17 hours to announce the hack, and may be trying to hype up the exchange on social media.
