CoinDCX, one of India’s largest exchanges, suffered a $44.2 million hack on July 19, 2025, after attackers targeted an internal trading wallet. The hackers stole $28.3 million in SOL and $15.78 million in ETH, using Tornado Cash to cover their tracks. CoinDCX quickly secured the wallet and promised to cover losses from their treasury.
Sumit Gupta, the CEO of CoinDCX, shared that it has received over 31,000 INR withdrawal requests in the past 24 hours. 98% of these have already been processed, and the remaining 600 are expected to be completed within 72 hours of the request. He assured users that customer funds are 100% safe, as all user assets are stored in segregated cold wallets.
In a latest update, the CEO has announced a Recovery Bounty Program. Up to 25% of any recovered funds will be awarded to those who help trace and retrieve the stolen crypto, with a potential reward pool of up to $11 million if the full amount is retrieved.
The goal is to get useful leads that help track down the stolen crypto, identify the attackers, and support legal action. The program is open to ethical hackers, white-hat researchers, and anyone who wants to help make crypto safer for everyone.
The CEO clarified that the loss came from CoinDCX’s reserves, not customer funds, and has already been covered. The platform remains fully operational and financially strong.
Gupta noted that the priority is to identify and catch the attackers, to help prevent such incidents across the entire crypto industry.
“Cybercrime is an attack on trust. And when one of us is targeted, all of us feel it,” the exchange shared in a blog post. It says that the bounty isn’t just about getting the money back, it’s about protecting trust in the Web3 ecosystem and setting a higher standard for security and response.
Users have raised concerns about how crypto exchanges handle security issues. While global platforms like Bybit alert users within an hour of a wallet breach, Indian exchanges like WazirX and CoinDCX have taken several hours to do the same. These delays show the need for faster updates and more transparency from Indian crypto platforms.
This incident follows the $230M WazirX hack in 2024, highlighting growing threats to Indian crypto exchanges.
CoinDCX experienced a $44.2 million hack on July 19, 2025, targeting an internal operational wallet used for liquidity. The exchange has confirmed customer funds are safe, as the loss was covered by its treasury, and has launched a recovery bounty program.
Yes, CoinDCX assured users that customer funds are 100% safe, as all user assets are stored in segregated cold wallets. The loss came from CoinDCX’s own treasury.
The hackers used Tornado Cash, a crypto mixer, to obscure the transaction trails of the stolen funds, making them more difficult to trace.
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