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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CoinDCX Enters MENA with BitOasis Acquisition

This acquisition will significantly bolster BitOasis’s expansion plans in the MENA region. The move follows BitOasis obtaining existing licenses in the United Arab Emirates, as well as a license to operate as a broker-dealer in Bahrain.

CoinDCX is one of India’s leading cryptocurrency exchanges with over 15 million users and a quarterly spot trading volume exceeding $840 million. This acquisition reflects CoinDCX’s ambition to expand its reach and operational footprint beyond India.

The deal highlights the growing importance of the MENA region in the global crypto landscape. With its regulatory approvals and strategic location in Dubai, BitOasis is well-positioned to leverage CoinDCX’s resources and expertise to accelerate its growth and reach.

CoinDCX did not respond to requests for further information regarding the acquisition. However, this move is expected to enhance the capabilities and market presence of both companies, fostering further innovation and cryptocurrency adoption in the MENA region.

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Following App Removals by Apple & Google

This move comes after Apple and Google removed the OKX app from their respective Indian stores. The action stemmed from a warning issued by the Financial Intelligence Unit (FIU), a government agency in India. The FIU had flagged several crypto exchanges, including Binance, Kraken, Huobi, and Gate.io, as operating illegally in the country. Notably, OKX was not explicitly named in the public statement by FIU.

Regulations Prompt Exit

OKX attributed its decision to exit the Indian market to “local regulations.” The exchange has asked its Indian users to close any active margin positions and withdraw all funds by the April 30th deadline.

India’s Regulatory Landscape for Crypto

In March 2023, India brought cryptocurrencies under the purview of its anti-money laundering (AML) and counter-financing of terrorism (CFT) framework. While dozens of domestic exchanges, including CoinSwitch and CoinDCX, complied by registering with FIU, several foreign exchanges remained non-compliant. The FIU raised concerns about these non-compliant platforms in late 2023.

Tax Implications and KYC Discrepancies

The decision by some Indian crypto traders to shift to global platforms appears to be a potential strategy to avoid taxes. India began taxing virtual digital assets (VDAs) in 2022, imposing a 30% tax on gains and a 1% deduction at source (TDS) on crypto transactions.

Indian crypto exchanges generally enforce stricter Know Your Customer (KYC) procedures during user onboarding compared to many global platforms. Notably, Coinbase also halted new user sign-ups in India last year.

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