COINDCX, an exchange of Indian cryptocurrencies leader, suffered a hack of $ 44.2 million on July 19, targeting an internal wallet. Customer funds remain safe, since the violation has not influenced the reserves.
Cryptographic exchanges combine three cores Trading components: resolution, execution and custody. In traditional finance, these functions are separated, making exchanges such as Nyse and Nasdaq resilient faults that could cause huge losses. However, In The cryptocurrency industryTHE The landscape is completely different.
The tokens for which the exchanges provide liquidity are decentralized and the exchanges are responsible for storing in a safe way for users’ resources to protect them from hackers. Over time, hackers have become increasingly sophisticated, performing some of the largest robberies, causing billions of dollars in losses, also affecting some of the Solana meme coins better. This year, Bybit has lost over $ 4 billion but quickly recovered without pauseing operations.
DISCOVER: 20+ Next Crypto to be exploded in 2025
COINDCX hacked for $ 44 million
On July 19, COINDCX, one of the largest exchanges of cryptocurrencies in India, lost over $ 44 million in USDC and USDC from an internal operating wallet.
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, detected for the first time by Zachxbt and Cyvers notices on X, 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.
Our system has detected a hack into @CoinDCX centralized exchange 20 hours ago.
Here's what we know:
– The hacker stole around $44.2M in USDC/USDT from one of the exchange's operational wallets on Solana.
– The hacker funded the hack with 1 ETH from Tornado Cash.
– Part of the… pic.twitter.com/5PLliaZ6m4— 🚨 Cyvers Alerts 🚨 (@CyversAlerts) July 19, 2025
Subsequently, the hacker performed multiple transactions to obscure the original transfer, converting the stolen funds to 
And ▲ 2.03% AND 
SOL ▲ 5.58% Before cultivating them through different blockchains. By placing funds on several intermediate wallets, the hacker aimed to complicate the tracking efforts.
DISCOVER: Next 1000x Crypto: 10+ token crypt that can affect 1000x in 2025
Intervention: User funds not influenced
COINDCX did not immediately detect the violation. According to ZachxBt, the stolen funds were moved 17 hours before the exchange revealed the hack. This delayed response aroused strong criticism from the community, with some questioning the transparency and preparation of the exchange.
https://twitter.com/zachxbt/status/194666657218863302
In response, Sumit GUPTA, CEO, underlined that no funds for customers was lost, since the funds were separated. The platform announced that he would absorb the loss from his reserves of the corporate treasure, guaranteeing any financial impact on his users’ base.
Since yesterday the CoinDCX team has been working around the clock and we have published the First Incident Report on the July 19th server breach. The report covers all the key points:
-Customer funds are 100% safe. All user assets are stored in segregated cold wallets.
-The… https://t.co/Ouuplc521Q— Sumit Gupta (CoinDCX) (@smtgpt) July 20, 2025
In addition, COINDCX temporarily suspended cryptocurrency services, including Fiat withdrawals, although some basic trading operations have remained unchanged.
The exchange is collaborating with the exchanges of partners and external computer security companies to investigate the accident and recover stolen activities. The addresses of the attacker’s portfolio were made public and the Sleuth on Chain were invited to help monitor the stolen funds.
To improve his safety, COINDCX has launched a recovery bougi program. Those who participate and help the exchange to recover funds will receive up to 25% of what they have recovered.
Announcing the @CoinDCX Recovery Bounty Program: Up to 25% of any recovered funds will be awarded to individuals or teams who can help trace and retrieve the stolen crypto.
Just to give more context:
-> We want to be upfront. The exposure was from our own reserves, and we have… https://t.co/GHHlxf3PxB— Sumit Gupta (CoinDCX) (@smtgpt) July 21, 2025
Last year, Wazirx, another Indian exchange, was violated, losing 235 million dollars due to an exploit in his Multisig portfolio. The stolen amount was almost 50% of its total reserves and included losses of some of the The best cryptovans to buy.
Similar to the COINDCX hack, the striker, connected to the Lazzaro group, used the Tornado Cash to cloud the transfers.
DISCOVER: Next Crypto 1000x – 12 coins that could 1000x in 2025
COINDCX $ 44.2 million Crypto Hack: Safe Customer Funds
- COINDCX hacked for $ 44 million
- Customer funds not interested
- Tornado cash crypto mixer used
- COINDCX to absorb the loss and recover funds stolen from its treasure
The post COINDCX undergoes a security violation of $ 44.2 million; The funds for confirmed customers Safe appeared first out of 99 bitcoins.