The Indian cryptocurrency exchange CoinDCX has fallen victim to a large-scale hack, resulting in the theft of over $44 million in stablecoins from its operational wallet. The incident has been confirmed by both company representatives and independent industry analysts.
This is reported by Finway
Details of the Hack and Fund Movement
According to experts from Cyvers, one of CoinDCX’s wallets on the Solana network was compromised. The hackers transferred part of the stolen assets, amounting to $15.8 million, to the Ethereum blockchain, using a bridge to move the digital assets. The attack involved one ETH, obtained from the anonymization service Tornado Cash.
CoinDCX’s Response and User Asset Security
CoinDCX’s CEO, Sumit Gupta, confirmed the incident, emphasizing that the affected account was designated for liquidity on a partner platform. He highlighted that:
user assets were not harmed and are stored in cold wallets
Withdrawals in Indian rupees continue to operate as usual. CoinDCX management stated that all losses will be fully compensated from the company’s reserves, and the security of the infrastructure is being enhanced in collaboration with cybersecurity experts. To improve platform protection, the team is also initiating the launch of a bug bounty program.
It is worth noting that CoinDCX guarantees full reimbursement of lost funds and is implementing additional measures to ensure user security.
Additionally, on July 16, 2025, another cryptocurrency exchange, BigONE, also reported losses of $27 million due to a hacker attack on its hot wallet.