New Delhi: Indian cryptocurrency platform CoinDCX has confirmed a significant security breach that resulted in the loss of approximately $44 million (around ₹368 crore). The hack, which occurred early Saturday, targeted an internal operational account used for liquidity purposes on a partner exchange.
Despite the breach, CoinDCX assured users that their personal funds remain unaffected, as the compromised account did not hold any customer assets.
Co-founder Sumit Gupta revealed the incident stemmed from a “sophisticated server breach” and emphasized that the company’s treasury reserves are strong enough to absorb the loss fully.
As a safety measure, the Web3 platform was briefly paused but has since resumed operations. Regular trading and INR withdrawals on the main exchange continued uninterrupted throughout the event.
Gupta urged users to remain calm and avoid panic selling, cautioning that such reactions typically lead to poor returns. “Let the markets settle. Stay calm, stay confident,” he posted on X.
CoinDCX’s internal security team, in collaboration with global cybersecurity experts, is actively investigating the breach and tracking the stolen funds. The exchange is also preparing to launch a bug bounty program to encourage ethical hackers to report system vulnerabilities.
The incident highlights growing cybersecurity challenges in the crypto space, especially as India nears the release of its first crypto regulatory framework.
CoinDCX reaffirmed its commitment to transparency and user protection, promising to share confirmed findings once the investigation concludes.