Yigit Taha OZTURK 
While crypto markets fluctuate daily, one constant remains—cybersecurity threats. India’s prominent crypto exchange CoinDCX has fallen victim to a major hack, reigniting fears around digital asset security.
With $44 million stolen, the crypto world is once again reminded of its vulnerabilities.
Attack Originated from Internal Liquidity Account
According to CoinDCX CEO Sumit Gupta, the breach stemmed from an internal account used for liquidity provision with another exchange. Hackers drained $44 million through what Gupta described as a “sophisticated server breach.”
“No user funds were affected,” Gupta assured. “The compromised account was isolated swiftly, and the loss will be covered entirely by our treasury reserves.”
Funds Traced Across Chains
On-chain analyst ZachXBT traced the attacker’s wallet back to Tornado Cash, where it was funded with 1 Ethereum. The stolen funds were then partially bridged from Solana to Ethereum, making tracking difficult.
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The incident echoes a similar hack on WazirX—another Indian exchange—exactly one year ago to the day, which resulted in a $235 million loss. Analysts see the timing as a grim reminder of persistent cybersecurity gaps in the crypto sector.
Wave of Recent Crypto Exploits
- Nobitex (Iran): $100 million stolen on June 18; source code leaked.
- GMX V1: $40 million drained on July 9, later returned for a $5M bounty.
- Arcadia Finance: $3.5 million lost due to smart contract exploit.
These repeated breaches stress the urgent need for better risk management in both centralized and decentralized ecosystems.
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