Indian Exchange CoinDCX Hacked for $44 Million, No Disclosure Yet

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  • CoinDCX hit by $44 million hack, flagged first by Cyvers.
  • Hacker used Tornado Cash, bridged stolen stablecoins Solana to Ethereum.
  • CoinDCX absorbs full loss, unlike WazirX’s partial criticized compensation plan.

Well, well, well, it looks like CoinDCX, India’s proudest crypto exchange, just took a $44 million hit. And what did they do? Not a peep from them until someone else blew the whistle. The security breach was first noticed by Cyvers, a trusty cybersecurity firm that tracks blockchain like a hawk. CoinDCX, meanwhile, was sipping its tea, pretending nothing was wrong.

Hacker Launders CoinDCX Funds Using Tornado Cash and Blockchain Bridge

Now, let’s talk about how the hacker pulled off this heist. They didn’t just walk in and grab the cash like a common thief. No, no, they had to use Tornado Cash, which, let’s face it, sounds like something out of a bad action movie. This nifty tool let the hacker cover their tracks and move stolen stablecoins from Solana to Ethereum. Why? Because making it harder to trace is just the hacker’s way of saying, “I’m smarter than you!”

Sumit Gupta, the CEO of CoinDCX, finally acknowledged the breach and took to social media. He blamed the hack on a “sophisticated server breach” — whatever that means. Apparently, one of their internal accounts got compromised. But, hey, don’t worry, customer funds are still safe. Or so they say. All those coins you thought were locked up tight? Still good, probably. 🤷‍♂️

To ease everyone’s nerves, Gupta promised that trading and withdrawals were still running like clockwork. Phew, right? Meanwhile, their teams, with the help of some “external experts” (translation: paid pros), have been working night and day to figure out who did it and how they can patch up those pesky security holes. They’ve got this, right?

CoinDCX is also working with other exchanges to try and catch the hacker if they decide to go shopping for more stolen goods. And just in case this happens again, CoinDCX is rolling out a bug bounty program. So if you can find a hole in their system, they’ll pay you to be their hero. Makes you wonder if the hacker would get a bounty too…

But it wasn’t all smooth sailing. Some users, those poor souls, couldn’t access their portfolios right after the breach was confirmed. Of course, Neeraj Khandelwal, CoinDCX’s co-founder, had an excuse ready. He blamed a sudden surge in server traffic. More like “everyone’s freaked out and trying to check their funds!” Don’t worry though, they’ve increased server capacity to avoid any more disasters. So, uh, it’s all fixed, folks. Probably.

CoinDCX Vows to Cover Loss, Unlike WazirX’s Criticized Compensation

As for the stolen money, it was mostly stablecoins like USDC and USDT. The hacker promptly shifted them from Solana to Ethereum, just to make it a real pain in the neck to track. Tornado Cash, the mixy-mixy service the hacker used, has already raised eyebrows with regulators who aren’t exactly thrilled about criminals using it. But who can blame them? It’s a mess!

This hack isn’t even the first time an Indian crypto exchange got swiped. Oh no, last year WazirX lost a cool $230 million to a cyberattack. But WazirX? They suspended withdrawals and deposits, and gave users partial compensation. Of course, everyone had a few choice words about that. CoinDCX, however, says it’s different. They’re going to eat the loss themselves — no transferring the damage onto the users. How noble. 🍿

CoinDCX, which was founded in 2018 and now boasts over 16 million users, sure has had an interesting ride. In May 2025 alone, it was processing half a billion dollars in spot trades, mostly in Bitcoin and Ethereum. No small feat, but they’re certainly going to have to tighten up their security after this. Gupta reassured everyone that trading and withdrawals continue without a hitch. Well, that’s nice to know. 🧐

So, yeah, CoinDCX is working with the best minds in cybersecurity to figure out how they got hacked and patch things up. They’ll be fine. Probably. At least until the next time someone uses Tornado Cash to steal a billion dollars. Or more. But hey, stay tuned, folks!

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2025-07-20 22:52