CoinDCX
Summary
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)
2021-08
CoinDCX raises $90 million Series C, becomes India's first crypto unicorn at $1.1 billion valuation.
Fintech Futures2024-07
WazirX hack ($230M, Lazarus Group attributed) raises industry-wide concerns about Indian exchange security; CoinDCX begins receiving scrutiny in comparison.
Crystal Intelligence2025-02
CoinDCX updates Terms of Use to formally designate Neblio Technologies as contracting party, amid WazirX allegations about Lithuania entity.
TokenPost2025-07-12
WazirX files affidavit in Singapore High Court alleging CoinDCX held user funds in Lithuania-based unregistered entity; CoinDCX denies.
CoinDesk2025-07-19
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 Block2025-07-21
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.
TechCrunch2025-07-23
CoinDCX launches recovery bounty program offering 25% (up to $11M) of recovered funds to anyone assisting in asset tracing.
SumSub / CoinTelegraph2025-07-26
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.
Decrypt2026-03-16
FIR filed in Thane by 42-year-old insurance consultant alleging fraud of Rs 71.6 lakh via individuals impersonating CoinDCX founders.
MediaNama2026-03-22
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 Block2026-03-24
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.
BusinessToday2026-03-30
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 and source URLs are archived via the Internet Archive.
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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