BREAKING: CoinDCX CEO Reveals Internal Security Breach—Here’s What Went Down
Another day, another crypto exchange hack—except this time, it’s an inside job. CoinDCX’s CEO just dropped the bombshell: an internal account was compromised, leaving traders wondering if their funds are next.
How deep does this rabbit hole go? The breach raises fresh questions about exchange security—especially for a platform that’s been touting its ‘bulletproof’ infrastructure. (Spoiler: it wasn’t.)
Meanwhile, Bitcoin barely flinches. Because when you’re used to chaos, a little internal theft is just… Tuesday. Stay tuned for the inevitable ‘lessons learned’ press release—right after the lawyers sanitize it.
CEO confirms internal account got breached
Right after Zach’s post started circulating, Sumit Gupta, the CEO of CoinDCX, finally stepped up with a statement on X, saying, “Hi everyone, At CoinDCX, we have always believed in being transparent with our community, hence I am sharing this with you directly.”
According to Sumit, the compromised account was an internal operational wallet, not one that holds customer funds. He said it was used “only for liquidity provisioning on a partner exchange”. The breach was caused by a “sophisticated server attack,” but Sumit claims all customer wallets were SAFE and hadn’t been touched.
“No customer funds have been impacted. Your assets remain completely safe and protected in our secure cold wallet infrastructure. All trading activity and INR withdrawals are fully operational.”
The team isolated the breached account fast and says the loss is being covered from their own treasury, not customers’ assets. They’ve brought in cybersecurity firms to dig through the breach, patch vulnerabilities, and track where the funds are moving. Gupta said they’re also working with the unnamed exchange partner where the liquidity account was being used.
They plan to launch a bug bounty program to catch other possible security gaps. He also said, “Every security incident is a learning, and we will learn from this and further strengthen our platform… this is our time to win this war against cyberthreats in the industry.”
He ended by promising real-time updates going forward: “I understand incidents like this can be unsettling – even when customer assets are unaffected. That’s why I am sharing this incident with you with full transparency. Thank you for your continued trust. I will keep you informed on a real-time basis as we learn more.”
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