Crypto exchange CoinDCX was hacked on July 20, with $44 million stolen. Here’s everything to know about India’s second major crypto cyberattack in a year.
CoinDCX Hacked: $44 Million Stolen in Major Cyberattack – Here’s All You Need to Know
India’s prominent crypto exchange, CoinDCX, has fallen victim to a massive cyberattack, marking the second major Indian crypto platform to be hit by hackers within a year. On July 20, 2025, hackers stole approximately $44 million (₹380 crore) from one of CoinDCX’s internal treasury accounts, triggering alarms throughout the crypto and cybersecurity ecosystem.
The incident has once again raised questions about the security of digital assets and the vulnerabilities in crypto infrastructure, particularly in India, where adoption is rapidly increasing.
🔍 What Happened in the CoinDCX Hack?
According to official statements from the company, the breach occurred in one of CoinDCX’s internal operational accounts used for managing liquidity with a partner platform. Co-founder and CEO Sumit Gupta revealed that the attack was the result of a “sophisticated breach” in their server systems.
👥 What the Founders Said:
- “The total amount lost was ~$44Mn out of our treasury assets. CoinDCX Treasury will be bearing these losses,” said Neeraj Khandelwal, co-founder, in a post on X (formerly Twitter).
- “We acted fast by isolating the affected account to stop the attack from spreading. No customer funds were affected,” Gupta reassured users.
🧠 Expert Cybersecurity Response & Damage Control
CoinDCX has confirmed the involvement of top-tier cybersecurity experts to conduct a thorough investigation. The team has already identified and isolated the compromised systems.
Security Measures Taken So Far:
- The affected wallet account was isolated immediately to prevent further spread.
- Trading in the Web3 section has been paused temporarily for safety checks.
- A full cyber forensic investigation was initiated to identify vulnerabilities.
- Regular crypto trading and INR withdrawals remain operational and unaffected.
“Every security incident is a learning, and we will learn from this to further strengthen our platform,” said Gupta.
🛡️ No Customer Funds Impacted
CoinDCX has emphasized that no user wallets or customer funds were impacted in the breach. This was a targeted attack on a treasury account used internally.
In contrast to previous incidents where users were directly affected, CoinDCX’s swift response helped protect end-users, a key factor that may limit the panic among its customer base.
🐞 Bug Bounty Program to Recover Funds
To track and potentially recover the stolen funds, CoinDCX has announced plans to launch a bug bounty program. The platform will collaborate with its exchange partner to:
- Block stolen assets
- Trace the blockchain movement of hacked funds
- Reward ethical hackers for vulnerabilities discovered
This approach is similar to what other global exchanges have done after major attacks, like Binance and KuCoin.
🇮🇳 Second Major Crypto Exchange Hack in India in a Year
CoinDCX is now the second Indian crypto platform to be hit by hackers in just 12 months.
📉 A Quick Comparison:
| Exchange | Hack Date | Amount Stolen | Status |
|---|---|---|---|
| WazirX | July 2024 | $234 Million | $3 Million recovered |
| CoinDCX | July 2025 | $44 Million | Investigation ongoing |
In July 2024, WazirX suffered a $234 million hack, which forced it to suspend operations temporarily. That incident was later linked to North Korean state-backed hackers, showcasing the geopolitical risks of cybercrime in crypto.
📊 Industry Reactions & Insights
The Coin DCX hack has sparked strong reactions from:
- Crypto experts who stress the need for multi-sig wallet adoption.
- Investors are urging exchanges to implement stricter audits and real-time monitoring.
- Regulatory observers argue for faster legislation to improve consumer protection.
“This should be a wake-up call. The security of crypto platforms needs to match the scale of capital they handle,” said Rajeev Singh, a blockchain analyst at ChainSec Labs.
In July 2024, WazirX suffered a $234 million hack…
➡️ WazirX hack details on CoinDesk
📣 FAQs – Coin DCX Hack 2025
1. Was any customer money lost in the CoinDCX hack?
No. The company has confirmed that only an internal treasury account was affected. User wallets remain safe.
2. How much was stolen in the CoinDCX hack?
Approximately $44 million (₹380 crore) worth of cryptocurrencies were stolen.
3. Is CoinDCX still operational?
Yes. Trading and INR withdrawals are fully functional, except for the temporarily paused Web3 section.
4. What is being done to recover the funds?
CoinDCX is working with cybersecurity firms and has announced a bug bounty program to trace and possibly recover stolen assets.
5. Is this the first time an Indian crypto exchange has been hacked?
No. CoinDCX is the second major Indian exchange hacked in a year, after WazirX was attacked in July 2024.
📢 Call to Action
What are your thoughts on the CoinDCX hack? 💬
Do you think crypto exchanges in India need tighter security laws?
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