CoinDCX CEO Vows a “Stronger” Comeback and Launches a 25% Bounty
Main Idea
CoinDCX CEO Sumit Gupta announces a recovery plan after a $44 million hack, including a 25% bounty for returned funds, and expresses confidence in the exchange's resilience.
Key Points
1. CoinDCX CEO Sumit Gupta publicly addressed the July 19 hack, which compromised an internal account and resulted in a $44 million loss, but assured that customer wallets were unaffected.
2. The hacker's address was initially funded with 1 Ether from Tornado Cash, and stolen funds were later bridged from Solana to Ethereum, indicating a sophisticated attack.
3. CoinDCX launched a white hat recovery initiative offering a 25% bounty for the return of stolen funds, emphasizing transparency about the breach involving company reserves.
4. The incident follows other major crypto exchange hacks in 2024, including a $235 million exploit at WazirX.
5. Gupta expressed confidence that CoinDCX will emerge 'stronger, sharper, and more resilient' from the crisis.
Description
CoinDCX lost $44 million in a targeted exploit involving an internal liquidity account No customer funds were affected, as the breach was limited to the exchange’s operational reserves CEO Sumit Gupta pledged a stronger, more resilient CoinDCX in a post on X platform India’s leading cryptocurrency exchange, CoinDCX, is pushing forward with renewed focus and resolve after suffering a $44 million exploit last week. Finally got some time to sleep. Took a moment to digest everything that’s happened ...
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