CoinDCX CEO Counters $44.2M Hack Fears Revealing $136 Million in Annual Revenue
Main Idea
CoinDCX CEO Sumit Gupta reassures stakeholders of the company's financial strength after a $44.2M hack, highlighting the group's robust annual revenue and assets, while also noting India's growing crypto adoption.
Key Points
1. CoinDCX Group reported an annual revenue of ₹1,179 Cr (~$136 million), transaction volume of ₹13.7 Lakh Cr (~$158 billion), and assets under custody over ₹10,000 Cr (~$1.15 billion).
2. The company suffered a $44.2M hack from an internal operational account, but no customer funds were affected, and the treasury is covering the loss.
3. CoinDCX is backed by major investors like Bain Capital and Polychain, having raised ₹2,144 Cr (~$248 million).
4. India's crypto market is growing, with projections of $9.7 billion in earnings and 123.35 million users by 2026.
5. Despite compliance leadership, CoinDCX faces user complaints about withdrawal issues amid P2P delays and transaction taxes in India.
Description
DCX Group had an annual revenue of ₹1,179 Cr (~$136 million) The group is backed by heavy-hitters like Bain Capital, Polychain, Jump Capital, Pantera, and others, having raised ₹2,144 Cr (~$248 million) in funding The CEO’s statement came after CoinDCX was hacked for approx $44.2 million a few days ago In a detailed statement on X , Sumit Gupta, CEO of CoinDCX, addressed how the exchange remains financially strong despite a recent, major security breach. Gupta shared internal data showing that t...
Latest News
- Cardano’s Bullish Structure Points to Breakout: Is $2 the Next Stop?2025-07-23 05:30:05
- Multiple Charts, One Verdict: A Major XRP Rally Is Now Imminent2025-07-23 04:51:13
- The GENIUS Act Effect: South Korea Is Now Fast-Tracking Its Own Crypto Regulations2025-07-23 04:24:58
- Federal Prosecutors Decline to Charge Kraken Founder Jesse Powell2025-07-23 03:56:54
- Ethereum Gains Favor as a Corporate Treasury Asset Beyond Bitcoin2025-07-22 17:27:07