India’s largest crypto exchange CoinDCX has confirmed that one of its internal operational accounts was compromised in a recent security breach, allowing the hackers to make off with millions in crypto.
On Saturday, CoinDCX co-founder and CEO Sumit Gupta disclosed in a post on X that an internal account “used only for liquidity provisioning on a partner exchange” was compromised during the hack. The executive assured that the incident did not affect customer funds and that all its customer assets remain secure.
Earlier in the day, crypto security researcher ZachXBT reported that around $44.2 million was drained from CoinDCX’s coffers due to the incident.
“The attacker address was funded with 1ETH [Ethereum] Tornado Cash and later bridged a portion of the stolen funds from Solana to Ethereum,” the researcher posted on their Telegram channel.
CoinDCX confirmed the loss amount to TechCrunch, stating that the funds were routed through Solana-Ethereum bridges and consolidated into 4,443 Ethereum and 155,830 Solana, which currently remain dormant. The crypto exchange also noted that it is working with India’s Computer Emergency Response Team, CERT-In, and partner exchanges to investigate the matter.
The Indian crypto exchange, registered with the government’s Financial Intelligence Unit, boasts over 16 million users and offers access to more than 500 crypto assets.
“The incident was quickly contained by isolating the affected operational account,” said Gupta in an X post. “Since our operational accounts are segregated from customer wallets, the exposure is only limited to this specific account and is being fully absorbed by us — from our own treasury reserves.”
Techcrunch event
San Francisco
|
October 27-29, 2025
Gupta noted that the company was working with the exchange partner to block and recover assets. “I understand incidents like this can be unsettling — even when customer assets are unaffected,” he said.
The exchange also launched a “recovery bounty” program on Monday to award up to 25% of any recovered funds to anyone who can help trace and retrieve the stolen crypto.
“More than recovering the stolen funds, what is important for us is to identify and catch the attackers, because such things shouldn’t happen again, not with us, not with anyone in the industry,” said Gupta.
News of the breach comes almost exactly a year since the massive breach at Indian crypto exchange giant WazirX, which resulted in the loss of $230 million — nearly half its reserves. The exchange halted trading after the loss. It remains unclear, however, whether there are any connections between the two incidents.
