How hackers stole $44M from CoinDCX without touching user wallets
Main Idea
CoinDCX, India's largest crypto exchange, suffered a $44.2-million hack in July 2025, with attackers exploiting its liquidity infrastructure without compromising user wallets, highlighting ongoing security challenges in the crypto industry.
Key Points
1. The hack occurred between July 16-19, 2025, involving a 'dry run' test transaction before attackers drained over $40M in USDT from CoinDCX's operational Solana wallet.
2. Funds were moved quickly using Jupiter swap aggregator and Wormhole bridge infrastructure, with some assets bridged to Ethereum in chunks of 1,000-4,000 SOL.
3. CoinDCX's delayed disclosure (nearly 17 hours) drew criticism, though user funds remained safe due to segregated wallet systems.
4. The Lazarus Group, linked to North Korea, is suspected in the attack and has stolen over $1.6B in crypto in 2025 alone.
5. CoinDCX offered a 25% bounty for recovery assistance, while industry-wide crypto thefts reached $2.17B in H1 2025, with only 8% of stolen funds typically recovered.
Description
A $44-million breach at CoinDCX has rocked India’s CoinDCX exchange, exposing silent vulnerabilities, delayed disclosures and the fragile infrastructure.
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