When Coindcx, widely considered to be the greatest crypto exchange in India, discreetly interrupted its web3 services last weekend, most users did not think about it much. But behind the scenes, $ 44 million had just been drained from one of the internal accounts of the exchange – a sophisticated violation which is now called one of the largest crypto hacks in India this year.
The company based in Mumbai later confirmed that the compromise portfolio was used for liquidity supply and that no customer funds have been assigned. However, the details paint a disturbing image.
The striker used the tornado, a tool often linked to money laundering, to finance their wallet, then moved the assets between the Solana and Ethereum blockchains to obscure their tracks. As the team has come to the way, thousands of Eth and Sol had left.
Crypto violations are a global trend
This is India’s second major exchange hack in just one year, after a violation of $ 234 million in Wazirx in 2024. Globally, this is part of a wider model. In February 2025, Bybit lost $ 1.5 billion, the largest cryptographic robbery to date. And according to Chain-analysisMore than $ 2.4 billion have already been stolen in 2025, with centralized exchanges representing most of it.
At the heart of all this is the continuous dependence of the industry hot wallets, Accounts connected to the Internet that facilitate the quickly movement of cryptography. They are fast, but they are exposed. In the case of Coindcx, it was not a fault in the blockchain itself which caused violation – it was a server compromise, the type of vulnerability in the infrastructure that the attackers exploit more and more.
On his credit, Coindcx acted quickly. He isolated the portfolio, has resumed services and is now working with Indian certificates and global experts to trace stolen funds. There is even a premium program offering up to 25% of the active assets. But these are reactive measures, and they become a common chorus.
Infographic: larger crypto hacks of all time (2014-2025)
Is your crypto really sure?
What can crypto exchange do differently?
If there is something that this hacking clearly indicates is that the greatest threat of crypto security is not a negligence of users or phishing scams. It is the infrastructure behind the exchanges themselves and the speed at which the attackers learn to break it.
I think this is the part that we are not talking about enough. Coindcx may have avoided direct user losses, but it looks more like an exception than to the rule. We have seen too many violations (Wazirx, Bybit, the list continues to grow) and each time the industry is reprimanded to answer.
But rapid recovery and public insurance are not sufficient. Until the exchanges rethin the way they secure operational portfolios and detect threats faster, this cycle is going nowhere. He will just continue to repeat – stronger and more expensive each time.
Cetus decentralized Exchange of Suis hacked while Bitcoin strikes a new top of all time
Even if Bitcoin gathers in front of $ 112,000, a piracy of $ 223 million on Cetus de Su shows that the crypto security battle is far from over.
