CoinDCX, one of India’s biggest crypto exchanges, reported a serious breach in its internal operations wallet. About $44 million (₹368 crore) was taken. Importantly, customer funds were not affected. Only a treasury wallet tied to an internal account was compromised.
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The exchange acted fast. It isolated the affected system and paused its Web3 operations briefly. Regular trading and fiat withdrawals stayed active throughout. CoinDCX also reassured users that their assets remained secure.
In a bold move, CoinDCX launched a recovery bounty program. It offers up to 25 percent of any funds recovered, which could be as high as $11 million. This is among the largest recovery rewards in India’s crypto sector.
Investigators have traced the stolen funds to wallets on Ethereum and Solana. CoinDCX is working with blockchain analysts and law enforcement to retrieve the assets. The company plans to broaden its security infrastructure by launching a bug bounty program. This initiative will reward researchers who identify vulnerabilities before they can be exploited.
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Analysts say the incident underscores a growing issue: even well-secured crypto firms can be vulnerable if internal systems are weak. CoinDCX says the breach involved a server-side compromise, highlighting risks in operational infrastructure.
CoinDCX’s leadership emphasized transparency. They acknowledged the loss and detailed each safety step taken. They urged users to remain calm and avoid panic withdrawals or emotional trading.
The recovery bounty is seen as a creative incentive. It encourages collaboration with the broader security community. It may also serve as a model for other exchanges facing high-impact incidents.
Overall, the incident adds pressure on the crypto industry to raise standards. Faster reporting, better internal controls, and open communication are increasingly demanded by users and regulators.
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CoinDCX’s approach—protecting users, accelerating recovery, and inviting public support—offers a clear example of crisis management in crypto.
