Ira Singh
Khabar Khabaron Ki,21 July’25
Indian cryptocurrency exchange CoinDCX has reported a security breach resulting in a financial loss of USD 44.2 million (around Rs378 crore), according to an official incident report shared by the company. The exchange emphasized that customer funds remain unaffected, with the compromise limited to an internal operational account used for liquidity provisioning.
In a statement released Sunday, CoinDCX said the entire exposure would be absorbed from its treasury reserves, ensuring no impact on user holdings. The breach occurred on July 19 at 4 AM IST, when unauthorized access was detected in one of CoinDCX’s accounts on a partner exchange, according to the report.
According to information co-founders Sumit Gupta and Neeraj Khandelwal addressed the incident on X, confirming that the hack targeted a company wallet, not those storing customer assets. “CoinDCX wallets used to store customer assets are not impacted and are completely safe,” Gupta said. Khandelwal added that the entire USD 44 million loss would be covered by the company’s treasury.
Following the disclosure, users rushed to check their balances, causing portfolio APIs to jam temporarily, preventing many from viewing holdings. The issue was later resolved, and CoinDCX clarified that trading, INR deposits, and withdrawals continue as normal.CoinDCX confirmed that CERT-In (Indian Computer Emergency Response Team) has been informed, and two globally reputed security agencies are conducting a detailed forensic investigation. A full report will be made public for transparency,according to sources.
While Many users commended CoinDCX for taking responsibility and protecting investors, but others voiced frustration over the time taken to disclose the breach, calling it a setback for trust in Indian exchanges.Menawhile,the breach highlights growing cybersecurity risks in the crypto industry, following similar large-scale attacks like the USD 230 million WazirX hack last year, which had shaken investor confidence,noted experts.