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CoinDCX Absorbs $44 Million Hack and Restores Web3 Trading

After covering the loss from treasury reserves, the exchange is launching a bug bounty with cybersecurity partners to trace stolen assets.

CoinDCX
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Overview

  • A sophisticated server breach on July 19 compromised an internal liquidity provisioning account, siphoning off $44 million.
  • CoinDCX has fully absorbed the loss from its treasury reserves to safeguard all customer funds.
  • Spot trading and rupee withdrawals operated normally throughout the incident and Web3 services have now resumed under reinforced security measures.
  • The compromised account remains isolated as CoinDCX works with CERT-In and global cybersecurity firms to investigate and track the stolen crypto.
  • The exchange plans to offer rewards for white-hat researchers through a bug bounty program aimed at identifying vulnerabilities and recovering assets.