CoinDCX Hacked $44.2 Million Stolen in Sophisticated Attack

On July 18, Indian centralized crypto exchange CoinDCX was hacked. The attacker withdrew assets worth approximately $44.2 million. The expert noted that the exchange's team did not report the attack for about 17 hours. CoinDCX co-founder Sumit Gupta responded to a Telegram post a few minutes later, confirming the incident. According to him, as a result of a "sophisticated attack" on the server, the hacker compromised the platform's internal operating account, which is used exclusively for providing liquidity on the partner exchange. The entrepreneur did not announce the amount of the damage.

Gupta emphasized that the team quickly localized the hack, which was limited to a single account. All platform losses are covered by treasury funds. The incident did not affect the exchange's normal operations, including trading, deposits, and withdrawals. CoinDCX has enlisted cybersecurity experts to investigate the incident and is working with its partner exchange to track the stolen funds to block and recover them. Gupta added that the attack on CoinDCX came exactly a year after India's WazirX exchange was hacked for approximately $235 million. In April 2025, the platform announced a resumption of operations, but at the time of writing this has not happened.

Recall that in the first half of the year, losses of crypto projects from attacks by hackers reached $2.1 billion. The main contribution to the total figure was the February hack of the Bybit exchange for $1.5 billion. The breach involved the use of blockchain technology, with the attacker address initially funded with 1 ETH from Tornado Cash and later bridging a portion of the stolen funds from Solana to Ethereum. The exchange has taken measures to isolate the affected operational account and plans to offset the value of the lost assets through its reserve. Additionally, CoinDCX is collaborating with its exchange partner to block and recover assets, and is set to launch a bug bounty program to further enhance its security measures.

The incident highlights the ongoing vulnerabilities in cryptocurrency exchanges and the importance of robust security protocols. Despite the breach, CoinDCX has emphasized its commitment to transparency and user safety, with the CEO describing the event as a learning moment for the industry. The exchange's response to the hack underscores the need for continuous improvement in cybersecurity measures to protect against evolving threats. The theft of $44 million from CoinDCX is the latest in a series of high-profile hacks in the crypto industry, underscoring the need for enhanced security measures. The incident serves as a reminder of the potential risks associated with digital assets and the importance of prioritizing security in the cryptocurrency ecosystem. As the industry continues to evolve, exchanges and users alike must remain vigilant in their efforts to safeguard against cyber threats.