CoinDCX Hacked for $44.2 Million ; Breach Exposed by On-Chain Investigator After 17-Hour Silence

• CoinDCX exploit went undetected for 17 hours, exposing flaws in crisis response.
• Attacker laundered $44.2M across Solana and Ethereum using stealthy cross-chain tools.
• CEO confirms no user funds lost, pledges treasury coverage and stronger security steps.

In another major blow to India’s homegrown crypto exchange industry, CoinDCX has been hit by a sophisticated exploit that drained approximately $44.2 million from an internal hot wallet. The incident, reminiscent of the security challenges faced by rival WazirX, went undisclosed publicly for nearly 17 hours. 

The breach was ultimately exposed not by the company, but by independent on-chain investigator ZachXBT, raising serious questions about transparency and incident handling at one of the country’s largest exchanges.

How an on-chain sleuth exposed CoinDCX’s 17-hour secret

ZachXBT revealed that the attacker’s trail began with just 1 ETH from the mixing service Tornado Cash. From there, the hacker used bridges to move stolen assets from Solana to Ethereum. 

The targeted wallet was not listed in CoinDCX’s published proof-of-reserves and had no public tag, making the breach difficult for the public…

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