CoinDCX resumes withdrawals after $44 million security breach, assures user funds are safe
crypto exchange
CoinDCX has opened withdrawals on its platform and asserted that no user funds were affected after it suffered a $44 million (~₹300 crore)
security breach
on its platform last month, cofounder and CEO
Sumit Gupta
told ET.
"For us retaining the users trust and ensuring that their funds were 100% safe was our topmost priority. We ensured that all customer withdrawal requests were honoured and there was no impact on the functioning of platform," Gupta said.
Explore courses from Top Institutes in
Please select course:
Select a Course Category
Finance
PGDM
Data Science
MCA
Cybersecurity
Degree
Public Policy
Technology
Product Management
healthcare
Artificial Intelligence
Healthcare
Data Analytics
Management
Operations Management
CXO
others
Project Management
Leadership
Design Thinking
MBA
Digital Marketing
Others
Data Science
Skills you'll gain:
Duration:
9 Months
IIM Calcutta
SEPO - IIMC CFO India
Starts on
undefined
Get Details
Skills you'll gain:
Duration:
7 Months
S P Jain Institute of Management and Research
CERT-SPJIMR Fintech & Blockchain India
Starts on
undefined
Get Details
"This was our wake-up call. The attack was not on our core systems but on a third-party service we used for wallet management. Still, we take full responsibility."
Crypto Tracker
TOP COIN SETS
Crypto Blue Chip - 5
-4.79%
Buy
Web3 Tracker
-10.47%
Buy
DeFi Tracker
-12.39%
Buy
NFT & Metaverse Tracker
-13.74%
Buy
AI Tracker
-14.67%
Buy
TOP COINS
(₹)
XRP
261 (
7.51%
)
Buy
Ethereum
309,245 (
4.14%
)
Buy
Solana
14,343 (
3.09%
)
Buy
BNB
66,066 (
2.72%
)
Buy
Bitcoin
10,018,394 (
1.81%
)
Buy
Post the incident, the platform has not only arrested investor churn but also recorded its highest-ever monthly trading volume, he said.
Did you Know?
The world of cryptocurrencies is very dynamic. Prices can go up or down in a matter of seconds. Thus, having reliable answers to such questions is crucial for investors.
View
Details
»
Gupta also pushed back against media speculation around a possible $900 million acquisition by global exchange Coinbase, asserting that
CoinDCX
is on path to be India's first crypto decacorn (valued at $10 billion) and such "petty" valuations do not justify the company's growth trajectory.
Live Events
"Our annualised revenue today stands at ₹1,179 crore and we have nearly ₹10,000 worth of crypto assets under custody across products," Gupta said, adding that the company's current valuation must be more than $2 billion.
"We hold 80% market share among India's centralised exchanges. But this is just scratching the surface. Once the Indian government brings an official crypto policy, we could easily achieve decacorn status within a year," he said.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
&w=3840&q=100)
Business Standard
an hour ago
- Business Standard
Boult becomes GoBoult, aiming for ₹1K cr sales and international expansion
Smart wearables and hearables manufacturing company Boult is undertaking a brand image change and will adopt the name GoBoult to capture the more premium segment of users, the company's co-founder and chief executive officer, Varun Gupta, said. The rebranding comes at a time when production at most hearable and wearable manufacturing units in India, including Boult's, has been halted or slowed down due to a shortage of rare-earth magnets and other crucial elements that are imported almost exclusively from China. Gupta, however, said that the production stoppage was also necessary since the company wanted to liquidate all the old stock before rolling out the rebranded products. 'Thankfully, it was not so much of a problem for us because, anyway, we were going through a transition. We had to maintain low stock for the last 45 days and the next 30 days as well. We did not want to be producing a huge amount of stock under the old name Boult,' Gupta said. The company may, however, face hiccups even after the rebranding exercise is complete, as the rare-earth magnet supplies from China continue to be constrained, he said. 'The supplies have been constrained. We are looking at alternate suppliers in China; sometimes we are looking at importing, while at other times, it takes a premium to get the same material. As much as we would like to avoid it, we also face issues and capacity constraints,' Gupta said. The company aims to hit the market with the rebranded products starting in September, Gupta added. 'We are looking at a Rs 1000 crore+ number this year. We want to do a few strategic things, such as going international and going for an IPO (initial public offering) as we hit Rs 1000 crore,' he said. The company, which was founded in 2017, will target the Rs 2000 and above average selling price segment for both wearables and hearables, Gupta said. He added that the audio segment contributes to about 75% of the company's total revenues, while smartwatches and other wearables contribute to the other 25%. The digital-first company, which sells nearly 93% of its products through online channels and e-commerce websites, is also planning to expand its retail and offline-store presence, aiming to reach more than 30,000 stores within the next 18 months, he said. GoBoult, the rebranded company, plans to foray into the US, European, Southeast Asian, and East Asian markets within the next five years, Gupta said.
Economic Times
an hour ago
- Economic Times
Boult eyes 4x profit in FY26, rebrands to GoBoult for premium push
Boult expects a fourfold rise in net profit and 40% revenue growth in FY26, driven by premiumisation and rebranding to GoBoult. It aims to shed its value-for-money image and target higher average selling prices to cross Rs 1,000 crore in revenue. Tired of too many ads? Remove Ads Tired of too many ads? Remove Ads Homegrown wearables maker Boult expects its net profit to surge four times on a 40% growth in revenue in this fiscal year through March 31, 2026, boosted by its premiumisation push, its co-founder Varun Gupta told ET. He added that the company is aiming to shed its value-for-money image amidst huge competition at the lower end, with a new name and logo for the which started operations in 2017, has seen its revenues doubling to Rs 800 crore in two years in FY2025, is aiming to cross the Rs 1,000 crore mark in FY26 on the back of average selling prices expected to cross over Rs 2,000, from Rs 1200 currently, Gupta bootstrapped wearables brand reported a net profit of Rs 2.5 crore, amidst intensifying competition as it saw its marketing and customer acquisition costs rise. Following the rebranding exercise, Gupta is targeting its net profits to cross Rs 10 crore in the next company is renaming itself to GoBoult, with the aim to shift its image from being a value-for-money brand to a more premium, youthful, contemporary brand image.'We are changing the way we think, operate, and build. GOBOULT is a brand that aligns with and is prepared for the pace and personality of the next generation. The rebrand reflects our commitment to moving faster, thinking bigger, and taking Indian innovation global,' Gupta said that despite the overall wearable and smartwatch segments declining in double digits and the truly-wireless audio segment remaining flat, Boult has not seen its growth slow down. It remains in the top five brands for both audio and smartwatches in the March quarter, according to company aims to move into higher ASP categories, by launching premium products and forming partnerships with legacy brands. Boult currently has a partnership with US auto brand Mustang. It is also partnering with Dolby for audio products.'We are the only bootstrapped and profitable player among the top five in the wearables industry. This shift is crucial because ASPs in the category have been declining, leading to lower gross profitability for the industry,' Gupta told part of its rebuild, the company wants to aggressively tap into offline retail, something which Gupta said was being hampered by its rival brands which had a higher market share in the offline space.'We encountered unfair practices from competition when we first started tapping into offline channels in February-March 2024. Some of our competitors, who had been in the space for 8-10 years and much larger in scale were pushing retailers not to stock our products,' Gupta hiccups, though, have now been solved, he said, adding that the company products are now available across 1,000 offline stores. It has now hired over 30 people for offline sales, with over 38 distributors and over 100 people out in the streets building its retailer network. The aim is to expand to 30,000 counters within the next 18 months, Gupta said.'The offline channel currently generates around Rs 5 crore in revenues every month. The goal is to increase it to a monthly Rs 25 crore. The largest player in the offline space is doing Rs 100 crore a month,' Gupta added.
Time of India
2 hours ago
- Time of India
Boult eyes 4x profit in FY26, rebrands to GoBoult for premium push
Live Events (You can now subscribe to our (You can now subscribe to our ETMarkets WhatsApp channel Homegrown wearables maker Boult expects its net profit to surge four times on a 40% growth in revenue in this fiscal year through March 31, 2026, boosted by its premiumisation push, its co-founder Varun Gupta told ET. He added that the company is aiming to shed its value-for-money image amidst huge competition at the lower end, with a new name and logo for the which started operations in 2017, has seen its revenues doubling to Rs 800 crore in two years in FY2025, is aiming to cross the Rs 1,000 crore mark in FY26 on the back of average selling prices expected to cross over Rs 2,000, from Rs 1200 currently, Gupta bootstrapped wearables brand reported a net profit of Rs 2.5 crore, amidst intensifying competition as it saw its marketing and customer acquisition costs rise. Following the rebranding exercise, Gupta is targeting its net profits to cross Rs 10 crore in the next company is renaming itself to GoBoult, with the aim to shift its image from being a value-for-money brand to a more premium, youthful, contemporary brand image.'We are changing the way we think, operate, and build. GOBOULT is a brand that aligns with and is prepared for the pace and personality of the next generation. The rebrand reflects our commitment to moving faster, thinking bigger, and taking Indian innovation global,' Gupta said that despite the overall wearable and smartwatch segments declining in double digits and the truly-wireless audio segment remaining flat, Boult has not seen its growth slow down. It remains in the top five brands for both audio and smartwatches in the March quarter, according to company aims to move into higher ASP categories, by launching premium products and forming partnerships with legacy brands. Boult currently has a partnership with US auto brand Mustang. It is also partnering with Dolby for audio products.'We are the only bootstrapped and profitable player among the top five in the wearables industry. This shift is crucial because ASPs in the category have been declining, leading to lower gross profitability for the industry,' Gupta told part of its rebuild, the company wants to aggressively tap into offline retail, something which Gupta said was being hampered by its rival brands which had a higher market share in the offline space.'We encountered unfair practices from competition when we first started tapping into offline channels in February-March 2024. Some of our competitors, who had been in the space for 8-10 years and much larger in scale were pushing retailers not to stock our products,' Gupta hiccups, though, have now been solved, he said, adding that the company products are now available across 1,000 offline stores. It has now hired over 30 people for offline sales, with over 38 distributors and over 100 people out in the streets building its retailer network. The aim is to expand to 30,000 counters within the next 18 months, Gupta said.'The offline channel currently generates around Rs 5 crore in revenues every month. The goal is to increase it to a monthly Rs 25 crore. The largest player in the offline space is doing Rs 100 crore a month,' Gupta added.
