CoinDCX Was Cyberattacked: Exchange Will Pay Treasury Rs 368 Crore Loss
On Saturday, cryptocurrency exchange CoinDCX reported that one of its internal operating accounts had been compromised due to a “sophisticated server breach.” CEO Sumit Gupta reassured consumers in a statement that trading and INR withdrawals remain fully operational and that customer assets are unaffected.
In a post on X, Gupta stated, “I certify that the CoinDCX wallets used to hold client assets are unaffected and secure.
According to reports, the compromised account was utilized for partner exchange liquidity provisioning. Since then, the platform has isolated the impacted account, and security personnel are collaborating with cybersecurity companies to look into the matter and fix any vulnerabilities.
$44 Million Allegedly Drained
Unusual wallet activity was reported by security firm Cyvers and blockchain investigator ZachXBT, though CoinDCX has not revealed the precise amount involved. According to ZachXBT, around $44.2 million was depleted, with the stolen money allegedly being transferred from Solana to Ethereum and sent using Tornado Cash, a program that obfuscates transactions.
ZachXBT raised the alarm nearly 17 hours before CoinDCX publicly acknowledged the breach.
CoinDCX To Cover Losses, No Impact On Users
CoinDCX reassured its consumers that it will use its own treasury reserves, which it said are “sufficiently healthy” to withstand the blow, to cover the full loss.
“Our customers won’t suffer any losses as a result of this,” Gupta stressed. “The entire amount will be borne by CoinDCX.”
The CEO also advised consumers to avoid distress selling their assets and to not panic.
INR Withdrawals And Trading Continue Smoothly
Gupta reaffirmed the company’s dedication to openness and stated that cryptocurrency trade and INR withdrawals are operating without any problems. As the team attempts to comprehend the complete extent of the breach, he pledged to provide real-time updates.
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