CoinDCX partners with global security teams and law enforcement following a $44 million crypto breach, assuring user funds remain secure amid full forensic investigation.
India’s Leading Crypto Exchange Files Complaint, Launches Bounty as Recovery Efforts Intensify
Indian cryptocurrency exchange CoinDCX has filed a formal complaint with the Karnataka Criminal Investigation Department (CID) and the state’s Cyber Crime Wing following a significant security breach that resulted in the loss of $44 million from its treasury over the weekend.
The company confirmed that it has also shared all technical details of the incident with the Indian Computer Emergency Response Team (Cert-IN), and has mobilised both internal and external resources to recover the compromised assets.
“CoinDCX is more focused than ever on building India’s most trusted crypto company with integrity, resilience, and long-term vision. And we’re not slowing down,” said Sumit Gupta, Co-founder of CoinDCX. “DCX Group is focused on building the next decade of crypto adoption. Strong revenue, user-first actions, and deep investor confidence form the foundation for our next phase of growth.”
Despite the breach, the company reported that its operations continue uninterrupted, backed by a $100 million treasury buffer, and assured that user funds are unaffected.
Investigation Underway with Global Collaboration
The Karnataka CID and Cyber Crime Wing are now conducting a preliminary probe into the incident before registering a formal First Information Report (FIR). Meanwhile, CoinDCX has reached out to relevant government stakeholders, regulatory bodies, and top-tier international cybersecurity experts to assist in containment and recovery.
Leading digital forensics firms Sygnia and zeroShadow are currently performing comprehensive system and on-chain analysis. In addition, peer security teams and global crypto communities, including Seal911, Bybit’s security unit, Solana Foundation, Superteam India, and bridge protocol partners such as Wormhole and deBridge, are supporting recovery efforts.
User Funds Secure, Operations Uninterrupted
In a statement issued Tuesday, CoinDCX assured that all user funds remain safe. Withdrawals are functioning normally, with 100 per cent of rupee withdrawal requests processed as of July 21. There has been no disruption to trading, deposits, or other platform services.
The company’s internal security teams were able to contain the breach quickly and activate emergency response protocols, further helping to safeguard user assets.
Strong Financial Position Despite Setback
The DCX Group, which includes CoinDCX (India), BitOasis (UAE and Bahrain), and Okto, remains on solid financial footing. The group reported an annualised revenue of ₹1,179 crore, transaction volumes of ₹13.7 lakh crore, and assets under custody (AUC) exceeding ₹10,000 crore.
CoinDCX has raised ₹2,144 crore across multiple funding rounds, backed by major global investors including Bain Capital, Polychain, Jump Capital, Pantera, and Steadview.
Bounty Programme to Accelerate Recovery
To further its recovery efforts, CoinDCX has introduced a bounty programme that could pay up to 25 per cent of the value of successfully retrieved crypto assets. With the stolen assets currently valued at $44 million, the bounty pool could reach $11 million.
The company is inviting ethical hackers, cybersecurity researchers, and other contributors with verified information to join the initiative and assist in tracking down the perpetrators.
As the investigation continues, CoinDCX’s swift response, transparency, and collaboration with global crypto and law enforcement communities may serve as a model for future cyber incident management in the rapidly evolving digital finance ecosystem.
