Crypto Platform CoinDCX Hacked, Around Rs 368 Crore Lost in Security Breach

In a serious security incident, CoinDCX, one of India’s largest cryptocurrency exchanges, confirmed that it has been the victim of a major hacking attack, resulting in a loss of nearly $44 million (about ₹368 crore). CoinDCX is India’s one of the largest crypto exchanges and was established in 2018.

The hack took place early on Saturday and specifically targeted one of CoinDCX’s internal operational accounts. This was not a customer account, but an account used by the company for managing liquidity (availability of funds) on a partner exchange.

Are User Funds Safe in CoinDCX Hack?

Yes. CoinDCX has clearly stated that user funds are completely safe. The compromised account did not hold any customer assets. It was only used internally by the company for certain transactions.

How Did the Hack Happen?

According to Sumit Gupta, the Co-founder of CoinDCX, the breach occurred due to a “sophisticated server hack”. In simple terms, the hacker gained access to the system by breaking into the server in a very advanced way. Gupta assured users that the company has enough reserves in its own treasury (company funds). He said that tese reserves are financially strong and will be used to cover the entire loss and No customers will lose their money.

What Action Has CoinDCX Taken in Hack Case?

CoinDCX temporarily paused its Web3 platform (a separate blockchain-based trading platform) just after the attack was discovered. That platform is now back online and running. Main exchange operations were never stopped – meaning regular trading and INR withdrawals continued without any disruption. Users can continue using the platform without worry.

Message from the Co-founder of CoinDCX

Sumit Gupta also posted on social media, advising users to stay calm and not make panic decisions. He said:

“Don’t panic-sell your assets. When people sell out of fear, they often lose money. Let the markets settle. Stay calm, stay confident.”

Ongoing Investigation and Security Measures in CoinDCX Hack

CoinDCX’s internal security team is now working with global cybersecurity experts, Fixing the security flaws that allowed the hack, Tracking the stolen funds and Investigating how the breach happened.

In addition, CoinDCX will soon launch a “bug bounty” program. This is an initiative where ethical hackers (security researchers) are rewarded for finding and reporting any vulnerabilities in the system — helping to make the platform more secure.

This hacking incident is a reminder of the growing cybersecurity risks in the cryptocurrency world. Sumit Gupta acknowledged this, saying:

“This is more than just an internal issue. It’s a wake-up call about the global threats facing crypto platforms.”

This incident also comes at a time when the Indian government is preparing to release its first crypto policy paper, which is expected to bring clear regulations to the industry.

Earlier Crypto Hack in India

This is not the first major crypto hack in the country. In 2023, another large Indian exchange, WazirX, suffered a loss of over $230 million due to a hack involving compromised private keys.