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an hour ago
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CoinDCX resumes withdrawals after $44 million security breach, assures user funds are safe
Mumbai: India's 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.
