BENGALURU: CoinDCX confirmed a $44 million security breach involving one of its internal operational accounts, marking the second-largest publicly known crypto hack at an Indian exchange. The company launched a recovery bounty of up to $11 million to trace the funds and identify those responsible. While the loss was limited to CoinDCX’s own treasury and customer assets remained unaffected, the incident reignited scrutiny over operational security across Indian crypto platforms. “No customer funds were affected, and we absorbed the loss through our own treasury,” CoinDCX CEO Sumit Gupta said. This is the second major crypto security incident involving an Indian exchange, following WazirX’s 2022 disclosure of a $230 million exploit. Previous breaches at platforms such as BuyUcoin also raised concerns around security architecture and incident preparedness. In each case, the underlying causes were platform-specific operational failures—not regulatory gaps.
