CoinDCX was hacked on July 13, 2025, resulting in a $44 million loss from its hot wallet
CoinDCX Suffers $44 Million Cyber Attack on July 13, Hot Wallets Compromised
In what is being called the largest crypto cyber attack in India to date, CoinDCX, one of the country’s leading cryptocurrency exchanges, has reportedly lost $44 million (approximately ₹367 crore) after its hot wallets were compromised on Saturday, July 13, 2025. The attack was first identified after suspicious on-chain activity triggered alerts among blockchain monitoring platforms and security analysts.
According to blockchain security firm PeckShield and independent investigator ZachXBT, the unauthorized outflows began at approximately 4:36 PM IST. Within a short period, assets worth millions were transferred out of CoinDCX’s Ethereum-based wallets. The stolen tokens were quickly swapped and distributed across various decentralized platforms in an attempt to obscure the trail.
Hot Wallets Compromised in India’s Largest Crypto Heist
PeckShield confirmed that the attacker siphoned off funds from hot wallets linked to Ethereum, BNB Chain, and Arbitrum. More than 170 different tokens were affected, including high-value assets such as ETH (Ethereum), USDT (Tether), USDC, MATIC, LINK, and DAI.
The total loss is estimated at $44 million, making it the largest single cyber attack reported on an Indian crypto exchange so far. PeckShield and ZachXBT noted that the funds were converted into ETH and then routed through mixers and decentralized exchanges like Uniswap and 1inch to evade detection.
Shortly after the breach, CoinDCX temporarily disabled withdrawals and announced an investigation. In a brief statement on July 14, the company acknowledged the breach:
“We have detected a security incident involving one of our hot wallets on July 13. Immediate action was taken to contain the issue. User funds stored in cold wallets remain completely safe. We are actively working with cybersecurity experts and law enforcement to trace and recover the stolen funds.”
You can also check out Sumit Gupta CEO of CoinDCX official Post over X formerly Known as Twitter
The exchange further stated that it is in touch with blockchain analytics firms Chainalysis and SlowMist to trace the stolen tokens. CoinDCX also assured customers that affected users will be reimbursed in full.
Attackers Launder Funds Through Decentralized Exchanges
Cybersecurity analysts believe the breach may have stemmed from a private key compromise or an insider leak, although CoinDCX has not confirmed the exact cause. It is also speculated that the attacker might have accessed cloud-hosted wallet credentials. Crypto security experts say this breach is a reminder of the risks associated with hot wallets, which are connected to the internet and thus more vulnerable to hacking attempts. Many experts and users have called for the implementation of multi-signature wallets, better real-time risk monitoring, and limited hot wallet exposure.
The breach has triggered concerns across the Indian crypto community, especially with India’s crypto regulations already under close scrutiny by financial authorities. The Ministry of Finance and Reserve Bank of India (RBI) have reportedly taken note of the incident, which may result in new regulatory guidelines for exchanges.
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The Indian Cyber Crime Bureau, under the Ministry of Home Affairs, has launched a formal investigation. If international links are discovered, the case could involve agencies like Interpol and Europol, according to sources familiar with the matter.
CoinDCX’s last known security audit was completed in late 2024, and the company has maintained a reputation for user safety—until now. This incident is expected to be a major setback to its public image and may impact investor confidence in centralized exchanges across India.
Investors have started demanding greater transparency and stronger security measures. Some have also begun moving their assets to cold storage wallets or decentralized exchanges as a precaution. This breach comes at a time when global cryptocurrency platforms are facing increasing pressure to shore up security infrastructure in the face of rising cybercrime. In 2025 alone, over $700 million worth of assets have been stolen from crypto platforms globally, according to data from Chainalysis. As the investigation continues, CoinDCX has promised regular updates to users. The exchange is expected to publish a full incident report after the recovery process and forensic audit are complete.
The July 13 CoinDCX hack has become a defining moment for India’s crypto industry, underlining the urgent need for robust cybersecurity measures, third-party audits, and government oversight to protect investors and ensure sustainable market growth.
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