India-based cryptocurrency exchange CoinDCX has announced a recovery bounty program. The initiative emerged in response to a recent cyber attack on the trading platform that claimed about $44 million worth of users’ deposits.
Summit Gupta, the founder and CEO of CoinDCX, posted on X on Monday that the exchange is willing to share up to 25% of any recovered funds with individuals or teams from the missing assets. In the statement, the CEO discussed how it has already covered the stolen funds in its reserve.
According to Gupta, CoinDCX used funds from its corporate treasury to address the lapses to ensure that the platform continues to run as normal, while leaving users’ deposits intact. The CEO went on to establish that the initiative doesn’t focus on recovering the stolen funds alone but to identify the attackers.
By that, he opined that CoinDCX and the broader crypto sector will be able to mitigate future attacks. The cyber attack on CoinDCX has raised eyebrows as it emanated exactly a year after another India-based crypto exchange, WazirX lost about $234 million to hackers.
Insight into the attack on CoinDCX
Recall that on July 19, CoinDCX confirmed a cyber attack on its platform through one of its internal accounts. The exchange in the statement said it uses the account for liquidity provision with another exchange.
Gupta in a statement said the crypto exchange quickly curtailed the risk of the attack by isolating the affected account. The trading platform said the effects of the attack were limited due to how its operational accounts are segregated from customers’ wallets.
However, popular onchain sleuth, ZachXBT revealed that the attacker funded its address with 1 ETH from Tornado Cash before bridging a part of the stolen funds from Solana to Ethereum. CoinDCX communicated that it is working with relevant partners to trace and retrieve the funds.
How crypto exchanges lost $2.5 billion to hackers in the first six months of 2025
More so, CoinDCX’s hack underlines how crypto exchange hackers are on the rampage in 2025. According to blockchain security firm CertiK, crypto hacks and scams rose to $2.47 billion in the first half of 2025.
Similarly, the figure is a 3% increase compared to the $2.4 billion the industry lost to bad actors in 2024. The attack on the trading platform surfaced in less than 72 hours after BigONE, another crypto exchange, lost $27 million to a malicious breach.
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