Latest news with #Khandelwal
Indian Express
3 days ago
- Business
- Indian Express
CoinDCX offers 25% bounty to recover stolen crypto in $44-mn hack
CoinDCX, one of India's leading cryptocurrency exchanges, has announced a recovery bounty program after suffering a security breach that led to the loss of approximately $44 million (around Rs 379 crore). The company is offering up to 25 per cent of the recovered funds as a reward to those who help retrieve the stolen crypto and assist in identifying and bringing the attackers to justice. If all lost assets are recovered, the bounty could reach a total value of $11 million (Rs 94.6 crore). In a statement, CoinDCX emphasised that the effort goes beyond just recovering funds — it's about uniting the Web3 community to stand against cybercrime. 'This is not just about us. This is about standing up for what's right, for the safety, transparency, and future of the entire Web3 ecosystem. It's a war against cybercrime,' the company said. Co-founder Neeraj Khandelwal highlighted that the breach was not only an attack on CoinDCX but on trust itself. 'When one of us is targeted, all of us are affected. CoinDCX is committed to using this incident as a turning point—to strengthen our defenses, reinforce transparency, and work with the best minds in the industry to make recovery real and replicable,' he said. He added that the company is actively working with an exchange partner to block and recover the stolen assets and is fully committed to the recovery effort. 'We will emerge from this stronger, together,' Khandelwal said. The company also issued a call to action, inviting ethical hackers, white-hat researchers, and partners across the ecosystem to join the fight against cybercrime.
Time of India
3 days ago
- Business
- Time of India
CoinDCX launches India's largest crypto recovery bounty after Rs 368 crore Hack
CoinDCX has launched India's largest recovery bounty in the crypto sector, offering up to 25% of recovered funds as a reward to anyone who provides actionable information that helps retrieve assets lost in a recent security breach. The move comes after the exchange suffered a hack involving approximately $44.2 million (Rs 368 crore) from one of its internal operational accounts. Explore courses from Top Institutes in Select a Course Category Up to $11 Million in Rewards for Recovery As part of the CoinDCX Recovery Bounty Program, the exchange is inviting ethical hackers, white-hat researchers, and ecosystem partners to assist in the recovery effort. The bounty could go up to $11 million in case of a full recovery of the stolen funds. CoinDCX said it will reward those who help not only in asset retrieval but also in identifying and aiding the conviction of those responsible for the breach. Crypto Tracker TOP COIN SETS NFT & Metaverse Tracker 19.97% Buy Smart Contract Tracker 19.67% Buy DeFi Tracker 15.85% Buy BTC 50 :: ETH 50 13.00% Buy Web3 Tracker 9.24% Buy TOP COINS (₹) Ethereum 326,249 ( 2.09% ) Buy BNB 65,839 ( 2.02% ) Buy XRP 308 ( 1.67% ) Buy Bitcoin 10,268,448 ( 0.92% ) Buy Tether 86 ( 0.12% ) Buy "This is not just about us. This is about standing up for what's right, for the safety, transparency, and future of the entire Web3 ecosystem," CoinDCX said in a release. 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 » Live Events The company added that it is already working with external cybersecurity partners and the affected exchange to trace and recover the funds. Funds Traced to Public Wallets CoinDCX confirmed that most of the stolen assets are currently held in two wallets: - Solana wallet holding approximately 155,830 SOL (~$27.6 million) - Ethereum wallet holding about 4,443 ETH (~$15.7 million) The company said it is collaborating closely with firms including Sygnia, zeroShadow, and Seal911, and acknowledged support from the Solana Foundation, Superteam, and bridge partners Wormhole and deBridge. The exchange said the bounty program is part of a broader effort to strengthen trust and resilience in the crypto ecosystem following the breach, which was disclosed earlier this month. While the breach affected an internal account, CoinDCX has clarified that customer assets remain safe and were not impacted. 'Cybercrime is an attack on trust. When one of us is targeted, all of us are affected,' said Khandelwal. 'We will emerge from this stronger, together.' Interested individuals and organizations can participate in the program by contacting bountyprogram@ . CoinDCX said all credible contributions will be evaluated and rewarded fairly.
Time of India
4 days ago
- Business
- Time of India
CoinDCX loses nearly Rs 368 crore in major crypto breach; Here's what the CEO said about its recovery
On Saturday, cryptocurrency exchange CoinDCX disclosed a significant security breach that led to the loss of approximately $44.2 million (Rs 368 crore). The attack targeted an internal operational account used solely for liquidity provisioning on a partner exchange. Crucially, the company stressed that customer assets were not affected. Explore courses from Top Institutes in Select a Course Category MCA others Leadership Data Science CXO Data Analytics Others Project Management Product Management Technology Degree PGDM Artificial Intelligence healthcare Healthcare Data Science Public Policy Cybersecurity Finance Design Thinking Digital Marketing Management MBA Skills you'll gain: Programming Proficiency Data Handling & Analysis Cybersecurity Awareness & Skills Artificial Intelligence & Machine Learning Duration: 24 Months Vellore Institute of Technology VIT Master of Computer Applications Starts on Aug 14, 2024 Get Details 'Today, one of our internal operational accounts — used only for liquidity provisioning on a partner exchange — was compromised due to a sophisticated server breach,' said Sumit Gupta, Co-founder and CEO, in a post on X. 'I confirm that the CoinDCX wallets used to store customer assets are not impacted and are completely safe.' by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like Crack NSAT and Win Scholarships | Register Now Narayana Group Sign Up The breach was quickly contained. According to Gupta, the compromised account was isolated from the rest of the system, limiting the damage. 'Since our operational accounts are segregated from customer wallets, the exposure is only limited to this specific account and is being fully absorbed by us — from our own treasury reserves,' he added. — smtgpt (@smtgpt) Live Events CoinDCX takes full responsibility CoinDCX has said it will bear the entire loss from its own funds, assuring users that they won't be impacted financially. 'This won't cause any loss to our customers,' Gupta said. 'CoinDCX will be bearing the full amount.' Co-founder Neeraj Khandelwal confirmed the same and noted that protecting user assets was the company's top priority from the outset. 'Coindcx Treasury will be bearing these losses. Our first and foremost objective throughout the day has been to first secure assets,' Khandelwal said. Services remain operational Despite the scale of the breach, CoinDCX maintained that all platform services remain stable. Trading and INR withdrawals have continued without disruption. Gupta reassured users, 'No customer funds have been impacted. Your assets remain completely safe and protected in our secure cold wallet infrastructure.' Still, some users reported issues accessing their portfolios after the breach. Khandelwal explained that this was due to a spike in server traffic following the announcement. 'We have significantly enhanced the server capacity to serve users,' he later confirmed. How the hack played out While CoinDCX did not release the precise figures initially, blockchain sleuth ZachXBT and cybersecurity firm Cyvers flagged unusual activity before the exchange's public disclosure. ZachXBT estimated the stolen amount at around $44.2 million. The stolen stablecoins, USDC and USDT, were first moved from Solana to Ethereum. They were routed through Tornado Cash, a service often used to obfuscate blockchain transactions. The attacker reportedly funded their wallet with 1 ETH via Tornado Cash before initiating the theft, a detail that has complicated efforts to trace the full path of the stolen funds. ZachXBT raised alarms nearly 17 hours before CoinDCX went public with the incident. The delay in disclosure has drawn mixed reactions from the crypto community. Strengthening security posture In the wake of the breach, CoinDCX is working closely with external cybersecurity experts and the affected partner exchange. Gupta confirmed that an internal investigation is underway to trace the flow of funds and fix any system vulnerabilities. '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,' said Gupta. He added that the company will soon launch a bug bounty programme to uncover and address hidden threats. 'Every security incident is a learning and we will learn from this and further strengthen our platform. More importantly, this is our time to win this war against cyberthreats in the industry and we commit to work together with experts to secure our industry.' Broader industry context The CoinDCX breach comes almost exactly a year after another Indian exchange, WazirX, suffered a major cyberattack. That incident, in July 2024, resulted in a loss of around $230 to $235 million in customer assets. WazirX responded by halting all withdrawals and deposits, and later offered a partial compensation strategy that drew criticism. In contrast, CoinDCX has committed to absorbing the full damage internally, sparing its users from any loss. Founded in 2018, CoinDCX currently claims over 16 million users. It recorded a spot trade volume of $492 million in May 2025, with Bitcoin and Ethereum leading the transactions. So far, regulatory bodies have not issued any statement on the breach. But with the scale of losses and growing concerns around crypto security, many in the industry believe this incident could prompt tighter oversight. 'I understand incidents like this can be unsettling — even when customer assets are unaffected,' said Gupta. 'That's why I am sharing this incident with you with full transparency.' He closed his remarks by thanking users for their trust and said the company will continue sharing real-time updates as the situation evolves.
&w=3840&q=100)
Business Standard
4 days ago
- Business
- Business Standard
CoinDCX loses $44 million in major cyberattack: All you need to know
Crypto exchange CoinDCX lost was $44 million out of our treasury assets after a major cybersecurity breach on Saturday. However, the company said that customer funds were safe and that the firm will be bearing these losses. The incident came around the heals of the first anniversary of a security breach at WazirX, another cryptocurrency exchange which reported theft of approximately $230–235 million in July 2024. Founded in 2018, CoinDCX claims over 16 million users. It handled $492 million in spot trade volume in May 2025, with Bitcoin and Ethereum leading trades. CoinDCX cyberattack: What happened? In a post on X on Saturday evening, Co-Founder and CEO Sumit Gupta revealed that one of CoinDCX's internal operational accounts, which was used only for liquidity provisioning on a partner exchange, was "compromised due to a sophisticated server breach". He also assured customers that CoinDCX wallets used to store assets were not impacted. "The incident was quickly contained by isolating the affected operational account. Since our operational accounts are segregated from customer wallets, the exposure is only limited to this specific account and is being fully absorbed by us - from our own treasury reserves," he said. Gupta said that CoinDCX was collaborating with the exchange partner to block and recover assets, and would come out with a bug bounty program soon. "Every security incident is a learning and we will learn from this and further strengthen our platform, more importantly this is our time to win this war against cyberthreats in the industry and we commit to work together with experts to secure our industry," he said. Co-Founder Neeraj Khandelwal also said the total amount lost was $44 million. "Coindcx Treasury will be bearing these losses. Our first and foremost objective throughout the day has been to first secure assets," he said. Portfolio APIs jammed Due to the breach and the subsequent security protocols, users flagged issues like unable to load portfolios on CoinDCX. In response, Khandelwal said it was because of excessive load on the platform and more server capacity was being provisioned. Later, Khandelwal said that portfolios are back up. "We have significantly enhanced the server capacity to serve users," he said. WazirX cyber breach incident On July 18, 2024, WazirX suffered a massive cyberattack on one of its multisignature wallets, resulting in the theft of approximately $230–235 million in user funds. WazirX immediately halted deposits and withdrawals, reversed all trades conducted after 1 pm on July 18, and restored balances to their pre-hack state. The exchange then proposed a controversial socialised loss strategy: users would recover 55 per cent of their crypto holdings for trading or withdrawal, while 45 per cent would be locked in USDT-equivalent tokens. WazirX reported the breach to CERT-In, Financial Intelligence Unit (FIU) India, and Indian law enforcement, and offered bounty programmes, though recovery was expected to be challenging. Investigations attributed the hack to the notorious North Korean Lazarus Group.
Time of India
15-07-2025
- Business
- Time of India
Celonis appoints ex-SAP exec Dilipkumar Khandelwal as chief customer officer
Academy Empower your mind, elevate your skills German data processing company Celonis has appointed former SAP and Deutsche Bank executive Dilipkumar Khandelwal as the chief customer officer and chairman of its India advisory board as it steps up its operations in the company is looking to expand in terms of people and market, as more Indian enterprises adopt artificial intelligence (AI). It currently has 200 employees in the country. Khandelwal , who will be based in Bengaluru, told ET that there is a massive opportunity for Celonis in India, where it will work with the customers, partners and the startup ecosystem to innovate and build value in AI leveraging the talent in the addition to India being an innovation hub, it is also a critical market for growth, he said. The company is working with two types of customers in the country – enterprise customers and global capability centres (GCCs).Khandelwal said Indian enterprises are getting larger and are becoming more prominent. The other category includes GCCs of multinationals that have set up bases in India. 'There are two parts to it, the India part and GCCs that are looking for the tools and mechanisms. That is a critical market,' he company recently hired Kaushik Mitra as vice president, India business to drive growth in the region. It also launched Celonis Garage, an innovation hub to work with customers, partners and startups to create solutions in AI.
