NEW DELHI— In a significant cybersecurity incident, CoinDCX, one of India’s leading cryptocurrency exchanges, confirmed it was the target of a hacking attack that resulted in losses of approximately $44 million (around ₹368 crore).
The breach occurred early Saturday and affected one of the company’s internal operational accounts. Despite the severity of the incident, CoinDCX has assured its users that their personal funds remain completely safe.
In an official statement, the Mumbai-based platform clarified that the compromised account was used solely for liquidity operations on a partner exchange and did not contain any customer assets.
Sumit Gupta, Co-founder of CoinDCX, described the incident on social media as the result of a “sophisticated server breach.” He added that the loss would be fully absorbed by the company’s treasury reserves, which he said are “sufficiently healthy” to handle the situation without impacting users.
As a precaution, CoinDCX temporarily paused operations on its Web3 trading platform, though it has since resumed. Regular trading and INR withdrawals on the main exchange continued without interruption throughout the incident.
Gupta urged investors to remain calm. “Don’t panic sell your assets,” he wrote on X (formerly Twitter), cautioning that panic-selling often leads to poor trade execution and unnecessary losses. “Let the markets settle. Stay calm, stay confident,” he added.
The company’s internal security team is now working with global cybersecurity firms to investigate the breach, patch any vulnerabilities, and track the stolen funds.
In response to the incident, CoinDCX announced plans to launch a bug bounty program—an initiative aimed at rewarding ethical hackers who report security flaws to help strengthen the platform’s defenses.
While the breach has understandably rattled some users, CoinDCX has committed to full transparency and will release verified details once the investigation is complete.
“This is more than just an internal matter. It’s a reminder of the evolving threats facing crypto platforms globally,” Gupta said.
The attack comes at a time when cryptocurrency security is under increasing scrutiny in India. The government is expected to release its first crypto policy paper soon, which could introduce much-needed regulatory clarity.
This incident follows a similar major breach last year when WazirX, another prominent Indian exchange, lost over $230 million in crypto due to compromised private keys.
CoinDCX emphasized that it is treating the matter with the utmost seriousness and remains committed to building a secure and trustworthy crypto ecosystem in India. (Source: IANS)
