Cyber Heist: Threat Actors Steal $44 Million in Major Security Breach
CoinDCX Suffers $44 Million Hack: Internal Account Compromised
Overview of the Incident
Indian cryptocurrency platform CoinDCX experienced a significant security breach on Friday, resulting in a loss of $44 million. The attack targeted an internal account utilized for liquidity provisions with another exchange, following a server compromise.
User Funds Remain Secure
According to CoinDCX’s CEO, Sumit Gupta, no customer funds were impacted by this incident. Gupta reassured users that all assets are secure, stating, “The situation was swiftly managed by isolating the compromised operational account. Since our operational accounts are distinct from customer wallets, the risk was confined to this specific account, which we will cover entirely from our own reserves.”
Details of the Attack
blockchain investigator ZachXBT reported that the hacker’s wallet received 1 Ether (ETH) through Tornado Cash and subsequently transferred a portion of the stolen assets from Solana to Ethereum.
Previous Cybersecurity Threats
Cointelegraph attempted to reach CoinDCX for additional comments but did not receive a response before publication. Notably, analyst Infinity Hedge pointed out that this incident coincides with the anniversary of a $235 million hack on the Indian exchange WazirX, highlighting ongoing cybersecurity challenges within the cryptocurrency sector.
Recent Hacks in the Crypto Space
In the past month, several other exchanges have also fallen victim to cyberattacks.
Nobitex Hack
On June 18, Iranian exchange Nobitex was breached, resulting in a loss of $100 million. This politically motivated attack was executed by a hacker group known as “Gonjeshke Darande,” which later leaked the exchange’s source code, further jeopardizing user security.
GMX V1 Exploit
On July 9, GMX V1, part of the GMX Protocol operating on the Arbitrum blockchain, faced a cybersecurity breach that led to the theft of $40 million. Remarkably, the hacker returned the stolen funds a few days later, accepting a $5 million white hat bounty in exchange.
Arcadia Finance Attack
Additionally, the decentralized finance platform Arcadia Finance was targeted by a smart contract exploit earlier this week, resulting in a loss of $3.5 million in cryptocurrency.
Conclusion
The recent breaches underscore the persistent cybersecurity risks that plague the cryptocurrency industry. As exchanges continue to face threats, the importance of robust security measures becomes increasingly critical for protecting user assets.
