Crypto Exchange Coindcx was hit by a serious cyber attack earlier during the day, July 20. The pirates stole approximately $ 44 million (approximately Rs 380 crores) of one of the company’s internal accounts. The co-founder of the company announced it in an article on X (formerly Twitter).
“The total amount lost was around 44 million dollars on our treasury assets. Coindcx treamurapes these losses. Our goal above all during the day was to secure the assets,” said Neeraj Khandelwal, co -founder, Coindcx, on X.
The total amount lost was around $ 44 million on our treasury assets. The Treasure Coindcx will wear these losses. Our first goal above all throughout the day was to secure assets. https://t.co/gohc727onr
– Neeraj Khandelwal (@neerajkh_) July 19, 2025
What happened?
The co-founder and CEO SUMIT GUPTA explained that an internal operational account used to manage liquidity on a partner platform was compromised due to a “sophisticated” violation in its server system.
Gupta said the team acted quickly by isolating the affected account to prevent the attack from spreading. Cybersecurity experts have been led to investigate, repair the weak points and follow where the stolen money went.
Plans to recover the lost funds
To recover stolen assets, GUPTA said that Coindcx will soon launch a bug bonus program.
“We collaborate with the exchange partner to block and recover assets, in particular by soon released a Bug bonus program,” he added.
GUPTA also said: “Each security incident is learning, and we will learn from it and further strengthen our platform. Most importantly, this is our time to win this war against cybermenures in industry, and we are committed to working with experts to secure our industry, “he added.
No assigned customer funds
GUPTA assured users that no customer wallet has been affected. Piracy has only affected one internal account, and all regular trading and INR withdrawals work as usual.
Khandelwal added that trade in the web3 section has been interrupted as a safety measure.
“The Coindcx team works all hands to fight against the shots of the situation when we speak and we will arrive at the depths of the incident. All customer assets are safe and negotiation activity and INR withdrawals continue without hindrance… ”, said Khandelwal.
Second major crypto attack in India in one year
Coindcx is now the second Indian crypto exchange with pirates in a year. In July 2024, Wazirx lost $ 234 million in cryptocurrencies when one of his portfolios hosted on Liminal was hacked.
This attack led Wazirx to suspend exchanges and withdrawals, which caused panic among its 4.4 million Indian users. The company has dropped off and launched a White Hat bonus program to recover funds, offering up to 23 million dollars as a reward.
Even after a year, Wazirx only managed to recover $ 3 million. International governments surveys subsequently linked the attack to North Korean pirates supported by the state.
