Is Lazarus Group Behind India’s $44M CoinDCX Heist? Cyvers Report Says Yes

On July 19, 2025, the greater exchange of Indian cryptocurrency COINDCX undergone a violation of security with consequent theft of about $ 44.2 million in USDC and USDT. Despite the hack, the CEO Sumit GUPTA went to X on 22 July 2025 to say it “COINDCX It remains financially strong, fully operational and firmly engaged in long -term construction. For us, they are business as usual. “

“We developed 100%, I repeat, one hundred percent Inr sampling requests on the platform, “Gupta insisted.

Now, it has come to light that hacking could be attributed to the Lazzaro North Korean-A union at the well-known international level, state property, known for having targeted cryptocurrency platforms.

The Cyvers computer security company reported that the theft was performed in just five minutes. He involved seven high -speed transactions. Hackers showed skills between chains to exploit operational wallets on the Solana blockchain

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Heist resembled Wazirx Hack

Citing similarities between $ 44 million COINDCX Hack and the $ 230 million Wazir Hack, the Cyvers report has said that these attacks, often involving the Lazzaro group, exploit the exchange infrastructure. In addition, they circumvent traditional monitoring and move resources through the chains faster than manual detection can react.

“Both were detected by the Civerse and our analysis suggests that this last attack brings the distinctive signs of the Lazzaro group of North Korea, one of the most aggressive hackers unions sponsored by the state aimed at centralized exchanges,” says the Civersre report.

Cyvers’ experts stressed that there is a modus operandi and similar timing between COINDCX and Wazirx hacks. According to them, it is a warning for the wider cryptocurrency industry, in particular India.

To find out more: COINDCX $ 44.2 million Crypto Hack: Safe Customer Funds

COINDCX undergoes a security violation of $ 44.2 million; Safe confirmed customers funds

COINDCX has lost over $ 44 million in USDC and USDC from an internal operating portfolio. Basically, this portfolio was separated from the reserves of the exchange, ensuring that users’ funds, often verified through proof of the reserves, were not interested.

The violation was detected for the first time by the notices Zachxbt and Cyvers on X. The report revealed transfers not authorized by the exchange, raising concerns about the vulnerability of centralized exchanges. Analysts noticed that the violation targeted an internal wallet used for the supply of liquidity on an exchange of partners.

As mentioned, this portfolio was separated from the tests published by COINDCX. The attacker started the exploit using 1 ETH, sending funds to Tornado Cash, a cryptographic mixer.

Subsequently, the hacker performed multiple transactions to obscure the original transfer, converting the stolen funds to ETH ▼ -2.82% e Sol ▲ 4.09% Before cultivating them through different blockchains. By placing funds on several intermediate wallets, the hacker aimed to complicate the tracking efforts.

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  • The Lazzaro group of North Korea is behind the violation of COINDCX security which involved a theft of about $ 44.2 million in USDC and USDT.

  • The Cyvers computer security company reported that the theft was performed in just five minutes. He involved seven high -speed transactions.

 

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