Coindcx, one of the largest exchanges of India cryptography, confirmed a major security violation after the pirates wiped around $ 44 million in the platform.
The attack occurred early on Saturday.
However, the founders of Coindcx assured customers that their assets are safe and that losses will be covered by cash reserves.
Mumbai -based crypto exchange said that the attack has no impact on the wallets used to store customer assets.
The compromise account was used “exclusively” for liquidity supply on an exchange of partners.
“Today, one of our internal operational accounts – used only for liquidity supply on an exchange of partners – has been compromised due to a sophisticated server violation,” said the coindcx co -founder, Sumit Gupta, on X.
He also said that losses will be covered by the company’s treasure reserves, which are “sufficiently healthy” to cover the amount.
Platform operations update
Shortly after the announcement, the company said that the Coindcx web3 trading had been temporarily closed as a precaution, but now it is live again.
The platform has not stopped negotiating and INR withdrawals on the exchange of crypto, although it has urged investors not to “sell sales”.
“A sweet reminder: do not sell your assets. This often leads to bad prices and unnecessary losses. Let the markets settle. Stay calm, stay confident,” explains Gupta in another post X.
Current recovery process
The company said that the internal security and operating teams have worked with the main cybersecurity partners to investigate the issue, correct vulnerabilities and trace the fund movement.
“We collaborate with the exchange partner to block and recover assets, including soon with a bug bonus program.”
The Bug Bounty program is an agreement offered by companies to individuals, often ethical pirates, to report software vulnerabilities and security violations in exchange for recognition and monetary awards
GUPTA also assured that although the extent of this incident is not huge, the company will work hard to recover its funds. “We will share all the details of the incident because the team validates all the facts.”
High alert cryptographic platforms
It is not an isolated incident of an attack on a crypto exchange platform, because almost a year Wazirx, which was once the greatest exchange of Crypto in India, underwent a similar test.
Wazirx had to face a major security violation where the hackers stole more than $ 230 million in cryptographic assets due to private compromises keys linked to self-deracinated portfolios managed by exchange.
The incident comes at a time when the regulatory examination around the security of cryptography is intensifying in India, the government should publish its first cryptographic policy document this month.
