CoinDCX Resumes Withdrawals After $44 Million Hack, Engineer Arrested

India's largest cryptocurrency exchange, CoinDCX, has restored withdrawal services following a $44 million security breach on June 13, 2025. The compromise originated not from CoinDCX's core systems but through third-party wallet infrastructure provider BitGo. CEO Sumit Gupta emphasized that no user funds were affected, calling the incident a "wake-up call" while affirming the platform's commitment to security.

Bengaluru cybercrime authorities arrested Shubham Anand, a 30-year-old CoinDCX software engineer, on July 30 for alleged involvement in the attack. Investigators claim Anand manipulated internal systems to divert funds, with the probe ongoing.

Despite the breach, CoinDCX reported record trading volumes in July, demonstrating sustained user confidence. The Mumbai-based exchange dominates 80% of India's centralized crypto market, holding $1.14 billion in assets and generating $134.94 million annual revenue.