CoinDCX’s $44 Million Loss To Hackers Reminds Of WazirX Breach As Indians Await Justice | World News
In a major security incident, CoindCX, one of India’s crypto currency exchanges, confirmed a hacking attack that led to a loss of about $ 44 million (about 368 RS Crore). Hack took place early on Saturday and targeted one of the company’s internal operational accounts. However, Mumbai -based crypto platform made users make sure that their personal funds were completely safe. In a statement, COINDCX announced that the endanger account was used for liquidity operations on a common change and that no customer has stored its presence.
Sumit Gupta, the founding partner of Coincx, announced on social media that this special account was shot due to “a sophisticated server violation”. The authority added that the damages will be met by the Treasury reserves, which is “healthy enough” to absorb the damage of the company. Shortly after detecting the attack, CODCX temporarily stopped the Web3 trade platform as a precaution. However, now is alive again. Regular trade and Inr withdrawal transactions have never been stopped in the main crypto exchange, and users can continue to use the platform without any problems.
The violation comes at a time when crypto security is under the spotlight in India. The government is expected to publish the first crypto policy document soon, which can bring clearer regulations to the sector. CoindCX said that it took this event very seriously and will continue to focus on creating a safe and reliable crypto ecosystem in India. This reminds people of the Wazirx violation, which many Indian users have lost their funds, and expects justice by the authorities for claiming inertia.
What is Wazirx case?
In July 2024, Wazirx, one of India’s largest crypto currency exchanges, was subjected to a cyber attack in which computer pirates stole about 2,000 Crore. Following the attack, Wazirx offered users to partially recovering assets that many Indian users claim to be arbitrary and deprived of transparency (between 55-85%). Affected users in India, arguing that the contracts of Wazirx’s Indian existence of the Assembly Labs, the National Consumer Disputes Commission (NCDRC) complained of a class action. NCDRC rejected the case on the legal status of crypto currencies in India, stating the jurisdiction and uncertainty.
According to reports, Singapore Supreme Court rejected Zettai’s proposed restructuring plan for Wazirx in June. The Court expressed concerns about the regulatory compliance for the distribution company, which was previously claimed to be Panama -based Varlık Zenui. The removed wallet was governed jointly with a company called Liminal, and both Liminal and Wazirx pointed to each other through fragility exploited by North Korean hackers since then. When the violation occurred last July, Wazirx encountered recoil because it caused a delayed communication with users and the confusion by freezing their funds after the attack.
In January of this year, Wazirx said that stolen assets freeze the first slice of about $ 3 million. Although it is known as an Indian crypto platform, Wazirx took its restructuring efforts to the legal system in Singapore. There, he sought a moratorium to protect himself from legal claims during the restructuring.
The first creditor received a 93.1%approval rate to vote in favor of the plan. If the amended version gains similar support, Zanmai may begin to distribute the recovered assets within 10 working days after the court approval. The Company also announced that FIU registered Indian presence has adopted a new structure in which FIU registered India has adopted the distribution of existence to be compatible with updated legal and operational standards.
Indian investors are waiting for justice
The case drew attention to the legal consequences of cross -border, and many Indian investors question why the trial was initially discussed in Singapore. Many Indian investors expressed disappointment due to the lack of immediate action of local authorities. With the ongoing legal transactions and market volatility, many investors continue to worry about saving their crypos before values are further fluctuating. The affected Indian users go to X to ventilate their anger.
Kr Rakha h. Kaam Kyu Rakhe Ho#wazirx #India #crypto #PI #Btc #eth #Coindcx #fraud pic.twitter.com/8WS3RDJ3EC– Viv Thakur (@vipanthakur126) 17 July 2025
TBH …. Indian crypto users want back funds
Tired of your lies. They know how clearly exploited them, how many times you hide the truth
You still didn’t even real #Wazirx Por Public & It has been 1 year !!! pic.twitter.com/w3j10h0soa– AJAY KASHYAP (@Everhinglajay) 17 July 2025
While the other stock exchanges were fully compensated after a hack, Wazirx did not even pay 1.
Instead, they continue to change the accusation by saying that others are “too big” or “too small ve and that they offer excuse after the excuse.
No refund. Just PR and “or something.”#Wazirx #Wazirxscam– Harish arrival (@Harishvarma08) 19 July 2025
The slow and unstable response of the Indian officials disappointed many Wazirx customers in the country, and questioning why the fate of their cryptos are still determined in a foreign court. Others are increasingly concerned about gaining access to their assets between fear of a market decline, but the legal war has not been solved.
