Hackers Drain $44 Million From CoinDCX - Unchained

CoinDCX, one of India’s largest crypto exchanges, was hacked on Saturday, with around $44 million drained from one of its internal operational accounts.

Security firm Cyvers and onchain sleuth ZachXBT found that the attacker’s wallet was initially funded with 1 ETH via crypto mixer Tornado Cash. A portion of the stolen funds were then bridged from Solana to Ethereum to obscure their trail.

The exchange’s CEO Sumit Gupta, and co-founder Neeraj Khandelwal, said that no customer funds were affected and user assets remain fully secure in cold wallets.

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The breach was triggered by what the company describes as a “sophisticated server breach”, allowing the attacker to compromise an internal account used solely for liquidity provisioning with a partner exchange.

“Since our operational accounts are segregated from customer wallets, the exposure is only limited to this specific account and is being fully absorbed by us – from our own treasury reserves,” said Gupta on X

“We are collaborating with the exchange partner to block and recover assets, including coming out with a bug bounty program soon,” he added