India’s Largest Crypto Exchange suffered Security Breach.

India’s largest crypto exchange, CoinDCX, suffered a security breach that resulted in the loss of approximately $44 million from one of its internal operational wallets. While CoinDCX has not confirmed this figure, it has acknowledged that the hack did not involve customer wallets. The hack comes exactly a year after another Indian Major WazirX disclosed a massive breach in which attackers siphoned off roughly $235 million worth of digital assets. That incident has been attributed to the North Korea linked Lazarus Group. In fact, the North Korean Lazarus Group was also responsible for the $1.5-billion hack of ByBit earlier this year—the largest single hack in crypto history.

Coin DCX has disclosed the breach late Friday after its co-founder and CEO Sumit Gupta published a detailed statement and accompanying video on social media. The incident likely occurred between July 18 and July 20, 2025. Blockchain security firm Cyvers said that the attacker siphoned off approximately $44.2 million in USDC and USDT from a CoinDCX wallet on the Solana blockchain.

Although, CoinDCX has not confirmed this figure, however, it has acknowledged that the compromised account was limited to internal operations on a partner exchange and did not involve customer wallets. “Today, one of our internal operational accounts, used only for liquidity provisioning on a partner exchange, was compromised due to a sophisticated server breach“, Gupta wrote on X. “The exposure is only limited to this specific account and is being fully absorbed by us—from our own treasury reserves”, he added, emphasising that no customer funds were impacted.

Furthermore, Sumit Gupta have reassured users that trading and INR withdrawals remain fully functional and that the platform’s cold wallet infrastructure, which stores user assets remained untouched. The company plans to publish a full technical post-mortem “very soon” and is working with cybersecurity partners and the affected exchange to trace the stolen funds and plug any vulnerabilities.

Neeraj Khandelwal, Co-founder and CTO of CoinDCX, said the platform experienced downtime in its portfolio APIs shortly after the announcement due to a surge in traffic. “More server capacity is being provisioned”, he posted on X.

This hack comes exactly a year after WazirX, another prominent Indian crypto exchange, disclosed a massive breach in which attackers siphoned off roughly $235 million worth of digital assets. That incident has been attributed to the North Korea-linked Lazarus Group and reportedly involved the compromise of WazirX’s multi-signature wallet setup. WazirX has managed to freeze a small portion (about $3 million) of the stolen funds in cooperation with law enforcement, but the bulk of the assets was laundered via crypto mixers and remains unrecoverable. So far, no WazirX user has received their funds back as the exchange navigates a lengthy court arbitration.

Earlier in June, Bitcoin, the most popular cryptocurrency, breached $120,000 for the first time. A vocal supporter of cryptocurrencies, US President Donald Trump has often expressed his intent to support the crypto industry, and his re-election fueled renewed momentum after months of Bitcoin hovering around the $100,000 mark. He also recently signed the GENIUS Act, the first major US legislation on cryptocurrencies, which establishes a regulatory framework for the $250 billion stable coin market.

According to a UN report, North Korean hackers use advanced social engineering tactics, including the infiltration of crypto-related services through compromised IT personnel. This results in tech firms unknowingly hiring thousands of North Korean workers. But this may only be a small bump in the road, as the highly attractive Bitcoin is now converting more sceptics.

What is a matter of grave concern is, now, more of India’s rich are putting a slice of their gold-backed wealth into cryptocurrency. According to crypto exchange Mudrex, about 30% of its volumes come from HNIs, who invest 2% – 5% of their wealth in digital assets.

Team Maverick