Co-founders assure commitment to user security and industry resilience
CoinDCX, one of India’s leading cryptocurrency exchanges, has confirmed a major cyberattack that led to the loss of around $44 million from one of its internal accounts.
The breach occurred on July 19 and was publicly acknowledged by co-founder Neeraj Khandelwal the next day.
NO IMPACT ON USER FUNDS, SAYS COINDCX
In a detailed post on X (formerly Twitter), Neeraj Khandelwal said, “The total amount lost was ~$44Mn out of our treasury assets. CoinDCX Treasury will be bearing these losses. Our first and foremost objective throughout the day has been to first secure assets.”
CoinDCX also issued a press note stating that the incident involved only one internal operational account used for liquidity provisioning on a partner exchange. “No customer funds or wallets were affected,” the company said.
Sumit Gupta, co-founder of CoinDCX, also addressed the situation. “I want to thank everyone who reached out with support and sought clarity in the spirit of trust and transparency. At CoinDCX, our first responsibility is to our users and the security of their assets.”
“While this breach was limited to one internal operational account — and no customer funds were impacted — we take this incident with the utmost seriousness,” he added.
Calling it a wake-up call for the industry, Gupta said, “This is more than an internal matter; it’s a stark reminder of the evolving threats facing the crypto ecosystem, not just in India but globally. As the country’s largest exchange, we are committed to set new benchmarks in security and resilience.”
He added, “Our commitment is clear: to protect our customers, strengthen industry-wide defences, and help build a safe and trusted foundation for India’s digital asset economy.”
DETAILS OF THE ATTACK
According to the company, the attack resulted in exposure of approximately $44 million from one operational account. The stolen funds were transferred through Solana-Ethereum blockchain bridges and broken down into:
CoinDCX said wallet activity is being monitored closely with the help of global blockchain analytics partners.
SECOND MAJOR INDIAN CRYPTO HACK IN A YEAR
This is the second large-scale hack involving an Indian crypto exchange in the past year. In July 2024, WazirX lost $234 million when one of its wallets hosted on Liminal was compromised.
That breach forced WazirX to suspend trading and withdrawals temporarily, leading to panic among its 4.4 million Indian users. The company filed an FIR and even announced a white-hat bounty programme with a reward of up to $23 million for information leading to the recovery of funds.
