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Hans India
4 minutes ago
- Hans India
CoinDCX hacked, $44 million lost in security breach
New Delhi: In a major security incident, CoinDCX, one of India's cryptocurrency exchanges, has confirmed a hacking attack that led to a loss of around $44 million (nearly Rs 368 crore). The hack took place early on Saturday and targeted one of the company's internal operational accounts. However, the Mumbai-based crypto platform has assured users that their personal funds are completely safe. In a statement, CoinDCX clarified that the compromised account was only used for liquidity operations on a partner exchange and did not store any customer assets. Sumit Gupta, Co-founder of CoinDCX, explained on social media that this particular account was hit due to a 'sophisticated server breach.' He added that the losses will be covered entirely by the company's treasury reserves, which are 'sufficiently healthy' to absorb the damage. Soon after detecting the attack, CoinDCX temporarily paused its Web3 trading platform as a precaution. However, it is now live again. Regular trading and INR withdrawals on the main crypto exchange were never stopped, and users can continue to use the platform without any issues. Gupta also advised investors not to panic. 'Don't panic, sell your assets,' he wrote on X, warning that such moves often result in bad prices and unnecessary losses. 'Let the markets settle. Stay calm, stay confident,' he added. The company's internal security team is currently working with global cybersecurity partners to investigate the breach, patch vulnerabilities, and trace the stolen funds. CoinDCX is also planning to launch a bug bounty programme soon. This programme will encourage ethical hackers to report any weaknesses in the system in exchange for rewards. While the incident has shaken some users, CoinDCX has promised to share all verified details once the investigation is complete. 'This is more than just an internal matter. It's a reminder of the evolving threats facing crypto platforms globally,' Gupta said. The breach comes at a time when crypto security is under the spotlight in India. The government is expected to release its first crypto policy paper soon, which could bring clearer regulations to the sector. This is not the first time a major Indian exchange has suffered a hack. Last year, WazirX lost over $230 million worth of crypto due to a security breach linked to compromised private keys. CoinDCX says it is taking this incident very seriously and will continue to focus on building a safe and trustworthy crypto ecosystem in India.
NDTV
30 minutes ago
- NDTV
Crypto Platform CoinDCX Hacked, Nearly Rs 368 Crore Lost In Huge Security Breach
New Delhi: In a major security incident, CoinDCX, one of India's cryptocurrency exchanges, has confirmed a hacking attack that led to a loss of around $44 million (nearly Rs 368 crore). The hack took place early on Saturday and targeted one of the company's internal operational accounts. However, the Mumbai-based crypto platform has assured users that their personal funds are completely safe. In a statement, CoinDCX clarified that the compromised account was only used for liquidity operations on a partner exchange and did not store any customer assets. Sumit Gupta, Co-founder of CoinDCX, explained on social media that this particular account was hit due to a "sophisticated server breach." He added that the losses will be covered entirely by the company's treasury reserves, which are "sufficiently healthy" to absorb the damage. Soon after detecting the attack, CoinDCX temporarily paused its Web3 trading platform as a precaution. However, it is now live again. Regular trading and INR withdrawals on the main crypto exchange were never stopped, and users can continue to use the platform without any issues. Gupta also advised investors not to panic. "Don't panic, sell your assets," he wrote on X, warning that such moves often result in bad prices and unnecessary losses. "Let the markets settle. Stay calm, stay confident," he added. The company's internal security team is currently working with global cybersecurity partners to investigate the breach, patch vulnerabilities, and trace the stolen funds. CoinDCX is also planning to launch a bug bounty programme soon. This programme will encourage ethical hackers to report any weaknesses in the system in exchange for rewards. While the incident has shaken some users, CoinDCX has promised to share all verified details once the investigation is complete. "This is more than just an internal matter. It's a reminder of the evolving threats facing crypto platforms globally," Gupta said. The breach comes at a time when crypto security is under the spotlight in India. The government is expected to release its first crypto policy paper soon, which could bring clearer regulations to the sector. This is not the first time a major Indian exchange has suffered a hack. Last year, WazirX lost over $230 million worth of crypto due to a security breach linked to compromised private keys. CoinDCX says it is taking this incident very seriously and will continue to focus on building a safe and trustworthy crypto ecosystem in India.
Time of India
33 minutes ago
- Time of India
Exclude houses, water bodies, temples from mining buffer zone: Mulgao locals
Bicholim: A unanimous resolution was passed to mark the mining buffer zone as per the regional plan 2020-21 by excluding houses, temples and water bodies at Mulgao gram sabha on Sunday. A similar resolution was passed earlier. Villagers expressed anger at the gram sabha over the govt's delay in initiating action on the same. Sarpanch Manasi Kauthankar said the panchayat has repeatedly communicated with the department of mines and geology to mark the buffer zone as per the regional plan 2021, but received no response. Kauthankar said that the mining company has initiated steps to compensate affected farmers. Mulgao communidade president Maheshwar Parab said govt has failed in fulfilling the demand of the villagers and cautioned against an indefinite agitation until their demands are met. Parab said they have requested a meeting with the Bicholim deputy collector to discuss this issue. He also added that after several requests, govt has approved Rs 3 crore for children's playground renovation, but the panchayat has taken no action. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like 21st Century Skills Start with Confident Communication Planet Spark Learn More Undo Locals requested the panchayat to suspend construction of the readymade concrete plant for the irrigation canal by the water resources department, citing that permission given for the plant was illegal. 'The mining excavation has caused water to seep into homes, forcing residents to wear slippers indoors. Houses have developed cracks due to hectic mining activity, and neither the company nor govt is offering compensation. Panchayat should initiate immediate action in this regard,' said former sarpanch Santosh Saraf.
