- $44 million was stolen from CoinDCX’s internal account used for liquidity.
- Customers’ funds were not touched; trading and withdrawals still work.
- Exchange promises stronger security and full internal coverage of the loss.
CoinDCX, one of India’s leading cryptocurrency exchanges, was hit by a major hack on Friday. Around $44 million was taken from one of the company’s internal accounts. This account was only used to provide liquidity on a partner platform and did not hold any customer assets.
Sumit Gupta, the CEO of CoinDCX, confirmed that users’ funds were not affected. He said customer wallets are secure and protected through cold storage. After detecting the breach, the team quickly isolated the compromised account to stop any further damage.
The company is now working with cybersecurity experts to trace the stolen funds and identify how the breach occurred. While the incident is serious, the exchange made it clear that the financial hit is being covered entirely from its own treasury. Gupta also shared that they are planning to launch a bug bounty program to help catch future risks early.
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Support and Criticism Follow the Disclosure
The hack has drawn both support and criticism from the crypto community. Alankar Saxena, co-founder of crypto platform Mudrex, voiced his support for the CoinDCX team. He praised their strength and said the situation would only make them stronger.
However, not everyone agreed with the way the exchange handled the communication. Well-known crypto investigator ZachXBT pointed out that CoinDCX took nearly 17 hours to share details with the public. He questioned why the team asked people to thank them for their “transparency” when the delay raised concerns.
Even though the delay sparked criticism, Gupta maintained that the company chose to be open and honest once the situation was under control. He added that CoinDCX would continue to update the community as they uncover more information.
CoinDCX Focuses on Recovery and Future Security
While the loss is significant, CoinDCX managed to keep it limited to its own account. No users lost money, and platform functions like trading and withdrawals are running as usual. The company says this shows the strength of their systems, especially the decision to keep user funds in separate, secure wallets.
This event adds to the long list of hacks in the crypto world and highlights how important strong security still is. CoinDCX is now focused on fixing the issue, learning from it, and working closely with partners to recover the stolen funds.
The exchange says it’s committed to protecting users and the wider crypto ecosystem. What happens next will likely set an example for how other platforms handle similar attacks in the future.
Also Read: Crypto Crackdown: India’s CBI Seizes $327K in Major Transnational Cybercrime Raid
