Indian crypto exchange CoinDCX hacked, $44 million drained

CoinDCX Breach

Indian cryptocurrency exchange CoinDCX fell victim to a hack on Friday, resulting in the loss of $44 million. The hackers were able to compromise one of CoinDCX's internal accounts that was used for liquidity provisions by exploiting a server breach. Despite the breach, no user funds were impacted, as confirmed by CoinDCX CEO Sumit Gupta. Gupta reassured customers that all their funds were secure and mentioned that the attacker's address received 1 Ether (ETH) from Tornado Cash and transferred a portion of the stolen funds from Solana to Ethereum.

Industry Vulnerability

The recent hack on CoinDCX serves as a reminder of the ongoing cybersecurity threats faced by the cryptocurrency industry and investors. Notably, popular Indian exchange WazirX was also hacked for $235 million on the same date a year ago. This incident highlights the importance of robust security measures in place to safeguard digital assets. In a separate attack, Iranian exchange Nobitex was breached for $100 million in what was described as a politically-motivated attack by a hacker group known as “Gonjeshke Darande.”

Multiple Attacks

The crypto industry has witnessed several high-profile hacks recently, with exchanges and platforms being targeted by threat actors. GMX V1, a perpetual exchange operating on the Arbitrum blockchain network, was hit by a cybersecurity exploit that led to a $40 million loss. However, the hacker responsible for the attack eventually returned the stolen funds after accepting a $5 million white hat bounty. Additionally, decentralized finance platform Arcadia Finance was also a victim of a smart contract exploit, resulting in $3.5 million being drained by the attacker. These incidents underscore the need for enhanced security measures and vigilance within the crypto space to protect against such threats.