CoinDCX CEO Vows a “Stronger” Comeback and Launches a 25% Bounty

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.