The post CoinDCX Covers $44.2M Loss After Hack, Plans Bug Bounty appeared on BitcoinEthereumNews.com.

Key Points: CoinDCX addresses $44.2 million treasury breach, covering losses internally. Customer funds safeguarded within unaffected wallets. Bug bounty and recovery efforts underway. Sumit Gupta, CEO of CoinDCX, confirmed a breach in their internal operational account due to a server issue, with around $44.2 million lost from their treasury. The breach affects CoinDCX’s liquidity provisioning, yet customer funds remain intact and secure, according to the company. The breach underscores vulnerabilities within the crypto exchange sector. CoinDCX’s efforts to internally absorb the impact while assuring the security of customer funds reflect strategic crisis management. The launch of a bug bounty program marks active steps toward rectifying security lapses. CoinDCX Absorbs $44.2 Million Breach Impact CoinDCX experienced a $44.2 million loss due to a breach in their operational account linked to liquidity provisioning on a partner exchange. The company states its customer wallets remain secure. Sumit Gupta, CEO, noted: Assets are currently being frozen, and a bug bounty program is planned, as shared by the co-founder. “Our internal security and operations teams have been working through the day along with leading cybersecurity partners to investigate the matter, patch any vulnerabilities, and trace the movement of funds. We are collaborating with the exchange partner to block and recover assets, including coming out with a bug bounty program soon.” Reactions include concerns about timely disclosure, with CoinDCX stating the breach happened between July 18 and July 20, 2025. Blockchain analysts reported the breach before official acknowledgment by the company. The move to cover losses from the treasury reflects efforts to maintain market trust with robust statements from leadership. Market Trust and Security Measures Shaped by Incident Did you know? CoinDCX, like WazirX in 2024, has faced an attack on its operational wallets, highlighting a persistent vulnerability in the crypto exchange sector. USDC stands stable…

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Filed under: News - @ July 20, 2025 8:19 pm