CoinDCX
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anchored·34qmFw…ebL3Summary
CoinDCX is one of India's largest cryptocurrency exchanges, founded in 2018 and valued at $2.45 billion following Coinbase investment. In July 2025, the exchange suffered a $44.2 million security breach attributed by cybersecurity firm Cyvers to North Korea's Lazarus Group, which was first publicly identified by blockchain investigator ZachXBT before official disclosure. While customer funds were not directly affected and the exchange covered losses from treasury, the incident compounded existing concerns including co-founder arrests over alleged fraud in March 2026 and ongoing user withdrawal complaints.
Connected Entities
1 entities- + 5 more
Timeline(15 events)
August 2021
CoinDCX raises $90 million Series C, becomes India's first crypto unicorn at $1.1 billion valuation.
Fintech FuturesJuly 2024
WazirX hack ($230M, Lazarus Group attributed) raises industry-wide concerns about Indian exchange security; CoinDCX begins receiving scrutiny in comparison.
Crystal IntelligenceFebruary 2025
CoinDCX updates Terms of Use to formally designate Neblio Technologies as contracting party, amid WazirX allegations about Lithuania entity.
TokenPost12 July 2025
WazirX files affidavit in Singapore High Court alleging CoinDCX held user funds in Lithuania-based unregistered entity; CoinDCX denies.
CoinDesk19 July 2025
CoinDCX suffers $44.2M hack. Attacker funded with 1 ETH from Tornado Cash drains Solana operational wallet in approximately five minutes (2:37 AM test transfer, 9:40 AM full drain). Funds moved to six wallets, then bridged to Ethereum.
Decrypt / The Block21 July 2025
ZachXBT publicly identifies the $44.2M theft via Telegram, approximately 17 hours after the breach, before official CoinDCX disclosure. CEO Sumit Gupta subsequently confirms the breach publicly.
TechCrunch23 July 2025
CoinDCX launches recovery bounty program offering 25% (up to $11M) of recovered funds to anyone assisting in asset tracing.
SumSub / CoinTelegraph26 July 2025
CoinDCX software engineer Rahul Agarwal, 30, arrested by Bengaluru Whitefield Police in connection with the hack. Agarwal denies knowingly participating, states he was deceived via fake freelance job offers.
Decrypt16 March 2026
FIR filed in Thane by 42-year-old insurance consultant alleging fraud of Rs 71.6 lakh via individuals impersonating CoinDCX founders.
MediaNama22 March 2026
Thane Police arrest CoinDCX co-founders Sumit Gupta and Neeraj Khandelwal alongside four others. Both deny wrongdoing and cite impersonator using domain coindcx.pro.
The Block24 March 2026
Magistrate grants bail to CoinDCX co-founders, finding 'no case made out against them.' Complainant subsequently affirms he recovered full amount from another accused and has no further grievance against the founders.
BusinessToday30 March 2026
CoinDCX launches Rs 100 crore 'Digital Suraksha Network' initiative to combat impersonation fraud.
CryptoTimesDecision Log
- hash: C6xPzJpvkwe82KXTvners3pFecaZAkZJoaGMVvAwS8xh
This investigation is cryptographically anchored to the Solana blockchain (1 event).
model: claude-sonnet-4-6
generated: 5/4/2026, 2:54:11 AM
last updated: 5/26/2026, 4:11:12 AM
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