CoinDCX Reports $44 Million Hack, Launches India’s Largest Recovery Bounty

_{Photo credit: Dragon Images / Shutterstock.com}

Indian crypto exchange CoinDCX confirmed a major incident on July 18, disclosing that approximately $44 million had been drained from one of its internal operational wallets following a targeted attack.

CoinDCX CEO Sumit Gupta confirmed the breach only affected funds held in a CoinDCX-managed liquidity account, not customer assets. The company stated that user funds remain safe and the affected wallet was isolated immediately after the incident.

In response, on July 21, CoinDCX launched India’s largest-ever crypto recovery bounty, with Gupta saying:

Up to 25% of any recovered funds will be awarded to individuals or teams who can help trace and retrieve the stolen crypto.

This is potentially over $11 million for individuals who can help trace and recover the stolen assets and identify the perpetrators.

CEO Gupta continued: “More than recovering the stolen funds, what is important for us is to identify and catch the attackers, because such things shouldn’t happen again, not with us, not with anyone in the industry.”

CoinDCX also published the attacker’s wallet addresses and is encouraging experts to join the investigation. 

The attack on CoinDCX happened exactly a year to the day after the $235 million attack on Indian crypto exchange WazirX, on July 18, 2024.

The case highlights the ongoing security challenges facing virtual asset service platforms and investors, and the persistent need to defend against increasingly advanced hackers.