Crypto exchange CoinDCX was hit by a serious cyberattack earlier today, July 20. Hackers stole around $44 million (about Rs 380 crore) from one of the company’s internal accounts. The company’s co-founder announced this in a post on X (formerly Twitter).
“The total amount lost was ~$44Mn out of our treasury assets. CoinDCX Treasury will be bearing these losses. Our first and foremost objective throughout the day has been to first secure assets,” Neeraj Khandelwal, co-founder, CoinDCX, said on X.
The total amount lost was ~$44Mn out of our treasury assets. Coindcx Treasury will be bearing these losses. Our first and foremost objective throughout the day has been to first secure assets. https://t.co/Gohc727ONR
— Neeraj Khandelwal (@neerajKh_) July 19, 2025
What happened?
Co-founder and CEO Sumit Gupta explained that an internal operational account used for managing liquidity on a partner platform was compromised due to a “sophisticated” breach in their server system.
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Gupta said the team acted fast by isolating the affected account to stop the attack from spreading. Cybersecurity experts have been brought in to investigate, fix weak points, and track where the stolen money went.
Plans to recover lost funds
To recover the stolen assets, Gupta said CoinDCX will soon launch a bug bounty program.
“We are collaborating with the exchange partner to block and recover assets, including coming out with a bug bounty program soon,” he added.
Gupta further said, “Every security incident is a learning, and we will learn from this and further strengthen our platform. More importantly, this is our time to win this war against cyberthreats in the industry, and we commit to working together with experts to secure our industry,” he added.
No customer funds affected
Gupta assured users that no customer wallets were impacted. The hack only affected one internal account, and all regular trading and INR withdrawals are working as usual.
Khandelwal added that trading in the Web3 section has been paused as a safety measure.
“CoinDCX team is all hands working to firefight the situation as we speak and we will get to the depths of the incident. All the customer assets are safe and the trading activity plus the INR withdrawals continue unhindered…,” said Khandelwal.
Second major crypto attack in India in a year
CoinDCX is now the second Indian crypto exchange hit by hackers in one year. In July 2024, WazirX lost $234 million worth of cryptocurrencies when one of its wallets hosted on Liminal was hacked.
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That attack led WazirX to suspend trading and withdrawals, which caused panic among its 4.4 million Indian users. The company filed an FIR and launched a white hat bounty program to recover funds, offering up to $23 million as a reward.
Even after a year, WazirX has only managed to recover $3 million. Investigations by international governments later linked the attack to North Korean state-backed hackers.
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