An X post by Sumit Gupta, CEO of Indian cryptocurrency exchange platform CoinDCX, announced a loss of around Rs 368 Crore from a “sophisticated security breach” on July 19, 2025. He further elaborated and assured customers that no customer funds were impacted and the losses would be absorbed by the company’s “treasury reserves”. The crypto hack compromised and entirely drained an internal operational account used for liquidity provisioning.
The hack on India’s first crypto unicorn is the second such instance of a major hack on an Indian digital assets platform in a year. WazirX was hacked nearly exactly a year ago, on July 18, 2024. This hack for nearly Rs 2000 crore led to WazirX indefinitely freezing trading. They are currently in a legal battle where the Singapore High Court has directed WazirX to come up with a payment plan for its users after the freeze on withdrawals.
What Happened at CoinDCX?
ZachXBT, an independent blockchain investigator, initially reported the security breach on Telegram on Saturday, 17 hours after it happened, followed by the CoinDCX CEO’s statement.
The CEO, Sumit Gupta, classified the hack as a server breach. “We are collaborating with the exchange partner to block and recover assets, including coming out with a bug bounty program soon,” he wrote. “I confirm that the CoinDCX wallets used to store customer assets are not impacted and are completely safe”. He elaborated that CoinDCX completely absorbed the damages, which occurred on a specific internal account, using its internal reserves.
ZachXBT stated that 1 Ethereum (ETH) from Tornado Cash, a service often used to obscure transaction details, funded the attacker’s address. The hacker then bridged a portion of the stolen funds from Solana to ETH. ZachXBT further pointed out that the hack was not traced to a tagged wallet or listed in CoinDCX’s proof of reserves. He “figured out the link by checking counterparties manually.” He also provided the attacker’s addresses for the transactions of the stolen funds in his post.
Crypto Crime Surge in 2025
Blockchain data platform Chainalysis reported that cryptocurrency services worldwide have seen over $2.17 billion in stolen funds this year. This is more than the amount of losses from stolen funds in 2024 and is on track to eclipse 2022, the worst crypto crime year on record. The platform estimates that at the current pace, stolen funds from services could cross $4.3 billion by the end of the year.
The single biggest crypto hack also took place in February this year, with North Korean hackers…
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