CoinDCX Offers Massive Bounty Program After $44M Hack

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CoinDCX, one of India’s largest exchanges, suffered a $44.2 million hack on July 19, 2025, after attackers targeted an internal trading wallet. The hackers stole $28.3 million in SOL and $15.78 million in ETH, using Tornado Cash to cover their tracks. CoinDCX quickly secured the wallet and promised to cover losses from their treasury.

Sumit Gupta, the CEO of CoinDCX, shared that it has received over 31,000 INR withdrawal requests in the past 24 hours. 98% of these have already been processed, and the remaining 600 are expected to be completed within 72 hours of request. He assured users that customer funds are 100% safe, as all user assets are stored in segregated cold wallets.

25% Reward for Tracing Stolen Crypto

In a latest update, the CEO has announced a Recovery Bounty Program. Up to 25% of any recovered funds will be awarded to those who help trace and retrieve the stolen crypto, with a potential reward pool of up to $11 million if the full amount is retrieved.

The goal is to get useful leads that help track down the stolen crypto, identify the attackers, and support legal action. The program is open to ethical hackers, white-hat researchers, and anyone who wants to help make crypto safer for everyone.

The CEO clarified that the loss came from CoinDCX’s own reserves, not customer funds, and has already been covered through their corporate treasury. The platform remains fully operational and financially strong.

Gupta noted that the priority is to identify and catch the attackers, to help prevent such incidents across the entire crypto industry.

“Cybercrime is an attack on trust. And when one of us is targeted, all of us feel it,” the exchange shared in a blog post. It says that the bounty isn’t just about getting the money back, it’s about protecting trust in the Web3 ecosystem and setting a higher standard for security and response.

Users Raise Transparency Issues

Users have raised concerns about how crypto exchanges handle security issues. While global platforms like Bybit alert users within an hour of a wallet breach, Indian exchanges like WazirX and CoinDCX have taken several hours to do the same. These delays show the need for faster updates and more transparency from Indian crypto platforms.

This incident follows the $230M WazirX hack in 2024, highlighting growing threats to Indian crypto exchanges.