Company cofounders Neeraj Khandelwal and Sumit Gupta announced issues on social media Saturday afternoon before confirming that funds had been stolen from one of the company’s internal operational accounts. The attack on CoinDCX comes just months after another Indian crypto giant, WazirX, suffered a massive breach that involved at least $230 million worth of stolen cryptocurrency. Last week, blockchain security company Chainalysis said $2.17 billion worth of cryptocurrency has been stolen so far this year already, surpassing the total losses seen in all of 2024. CoinDCX said it is working with a security team to investigate the incident, patch vulnerabilities and trace the stolen funds so they can be blocked and recovered. Khandelwal and several blockchain security firms confirmed the losses amounted to about $44.2 million worth of USDC and USDT — two stablecoins pegged to the U.S. dollar — which were siphoned from the platform on Friday evening. More than $44 million worth of cryptocurrency was stolen from the Indian exchange CoinDCX over the weekend. CoinDCX customers were not impacted and user funds were not stolen or accessed, the cofounders said. The company is offering up to 25% of any recovered funds to anyone who can trace and retrieve the stolen crypto. Founded in 2018, the company is one of India’s largest cryptocurrency firms and says it has about 16 million users.
This Cyber News was published on therecord.media. Publication date: Mon, 21 Jul 2025 17:05:23 +0000