India's Biggest Crypto Exchange Roars Back After $44M Hack: CoinDCX's Dramatic Comeback

From Breach to Bounce Back: The Inside Story

Hold onto your hats, crypto fans—India's titan of trading, CoinDCX, has stormed back online after a jaw-dropping $44 million hack ripped through its operational core. Talk about a wild ride!

Here’s the kicker: no customer dough was swiped in this digital heist, but the CoinDCX breach—tied to a wallet juiced by Tornado Cash—has the industry buzzing about transparency and wallet security. Fresh off the battle, CoinDCX isn't just licking its wounds; it's beefing up defenses with promises of stronger safeguards and a new bug bounty program to keep those hackers at bay.

Our eagle-eyed on-chain sleuth, ZachXBT, was all over this like a hawk, spotting the attack a solid 17 hours before CoinDCX spilled the beans. ZachXBT tracked the cash grab to an address that got a single ETH from Tornado Cash. The thief then danced the stolen funds from Solana to Ethereum in a slick move.

Enter Cyvers, the Tel Aviv-based security wizards who caught the fishy withdrawals, triggering a deep dive since CoinDCX's hot wallet was missing public tags and proof-of-reserves docs. Talk about flying blind!

CoinDCX's fearless leader, Sumit Gupta, didn't mince words, hitting up the community directly: "Hi everyone, At @CoinDCX, we've always been about keeping it real with you, so here's the deal. One of our internal ops accounts—used just for liquidity on a partner exchange—got hit. But don't sweat it, your funds are safe in our icy cold wallets."

Gupta made it crystal clear: "No customer funds have been impacted. Your assets are locked down tight in our secure cold wallet setup."

The hack? It targeted an internal account used only for juicing up liquidity on another platform, not your everyday consumer wallets.

Gupta spilled the beans on how they tackled the breach: "We slammed the brakes on the affected account quick, and because our ops accounts are worlds apart from your wallets, the damage was contained."

In the aftermath, CoinDCX hit the pause button on some ops to dig into the breach, but now? It's all systems go, with trading and INR withdrawals back in full swing, no strings attached.

Gupta took to the stage again to reassure everyone: "Trading and INR withdrawals on CoinDCX are back in the game, running like a well-oiled machine. Pull out your INR anytime—you're free to fly. And a word of advice: don't let panic push you into selling. It's a surefire way to get less bang for your buck."

While CoinDCX teams up with its partner to claw back the stolen loot and fortify its defenses, there's more on the horizon. They're rolling out a bug bounty program to arm-wrestle those hackers with the help of security buffs worldwide.

Gupta's final word? "Every security scare is a lesson. We're taking this one to heart and coming back stronger."