CoinDCX Bounces Back: Withdrawals Resume Post-$44M Hack – What Investors Need to Know

Crypto exchange CoinDCX flips the 'on' switch for withdrawals after a brutal $44 million security breach—proving even hacked platforms can dust themselves off faster than traditional banks handle a wire transfer.

The comeback play: Three days after the exploit, user funds flow again. No 'we’re restructuring' delays—just the crypto industry’s trademark 'fail-fast, fix-faster' ethos.

Behind the scenes: While the team stays tight-lipped on reimbursement specifics, the restart signals either airtight insurance or ruthless cost-cutting. (Bonus jab: At least they didn’t charge users a 'security incident surcharge' like some legacy banks would.)

Market pulse: Traders shrug—exchange tokens dip 3% then stabilize. Because in crypto, a $44M hack is just Tuesday.

Engineer Arrested in Internal Breach

On July 30, Bengaluru’s cybercrime unit arrested Shubham Anand, a 30-year-old CoinDCX software engineer, in connection with the attack. Police allege Anand manipulated internal systems and played a key role in diverting funds. The investigation remains ongoing.

Founded in 2018 and headquartered in Mumbai, CoinDCX controls nearly 80% of India’s centralized crypto exchange market. It holds over ₹10,000 crore ($1.14 billion) in crypto assets and reports an annualized revenue of ₹1,179 crore ($134.94 million).

Despite Breach, CoinDCX Hits Record Trading Volume

Despite the breach, In July, CoinDCX achieved all-time high monthly trading volumes despite the breach, indicating that users are very confident. Gupta also denied reports of a $900 million acquisition offer from Coinbase, calling such valuations “petty and unrealistic.” 

He said CoinDCX remains focused on becoming India’s first crypto decacorn, targeting a $10 billion valuation pending clear regulatory guidance.

Also Read: CoinDCX Denies Coinbase Buyout Rumors After $44M Hack