Update of July 20, 2025 23:27 Ist
Crypto Platform Coindcx is now fully operational. Image: istock / coindcx.com/ and now digital.
Here is what the co-founder of the company highlighted on its article on X, formerly Twitter
-The customer funds are 100% safe. All user assets are stored in separate cold wallets.
-The incident is isolated with a single operational liquidity account.
-Coindcx Reserves absorb all losses.
-The trading and withdrawals operate normally. There is no impact on users.
-A detailed survey is under collaboration with global security experts.
-We are working with the authorities and forensic agencies to recover the stolen funds.
-A Bounty Recovery program will soon be launched to hire the cybersecurity community.
-Beware of crooks. Please only trust official channels for updates and never share your account connection information with anyone.
Since yesterday, the Coindcx team has been working 24 hours a day and we have published the first incident report on the server of the July 19 server. The report covers all key points:
-The customer funds are 100% safe. All user assets are stored in separate cold wallets.
-THE… https://t.co/ouuplc521q– Sumit Gupta (Coindcx) (@Smtgpt) July 20, 2025
GUPTA also advised investors not to panic, saying: “Please do not believe in rumors or do not rely on unaccompanied sources of information.”
After the security violation, COINDCX temporarily interrupted its web3 trading platform as a precaution. The Coindcx platform is live again. “Commercial activity, INR deposits and INR withdrawals are continuing. INR withdrawals below RS 5 Lakhs will reflect in your account within 5 hours, while withdrawals higher than RS 5 Lakh will be treated within 72 hours.
Coindcx also plans to start a BOGUE premium bonus program soon. This program will encourage ethical pirates to report any weakness of the system in exchange for awards.
Although the incident has shaken up some users, Coindcx has promised to share all the details checked once the survey is completed.
The violation occurs at a time when the security of the crypto is under the spotlight in India. The government should soon publish its first cryptographic policy document, which could bring clearer regulations to the sector, as reported by the IANs.
It is not the first time that a great Indian exchange has undergone a hack. Last year, Wazirx lost more than $ 230 million in crypto due to a security violation linked to private compromise keys.
Coindcx says that it takes this incident very seriously and will continue to focus on building a safe and confident cryptography ecosystem in India.
– With the IANT entries
End of the article
