CoinDCX, a well-known crypto exchange operating in India, has recently witnessed a staggering exploit. As per the latest reports, CoinDCX has gone through a massive exploit of $44.2M. Raising concerns among consumers. ZachXBT, a popular on-chain investigator, was the 1st to detect and report this exploit.

CoinDCX Experiences Staggering $44.2M Loss in Latest Exploit

The exploit targeting India’s famous crypto exchange CoinDCX has reportedly resulted in the loss of up to $44.2M in total. ZachXBT flagged this development and cautioned that the exploiter was still active in moving funds. While noticing this, the team behind the crypto exchange began the security measures to stop further losses. The event reportedly took place up to seventeen hours ago.

In addition to this, the reports also indicate that the attacker leveraged Tornado Cash, a prominent crypto mixing platform, to launder the exploited assets. In doing this, the exploiter’s purpose was to obfuscate the trails of the funds stolen from CoinDCX. Subsequently, they bridged the exploited crypto assets from Solana ($SOL) to Ethereum ($ETH). With this, the exploiter transferred those funds to their own crypto wallet.

The respective technique permitted the attacker to complicate the tracking as well as the recovery of the exploited assets. Just after the emergence of the reports of this incident, Sumit Gupta, the Chief Executive Officer (CEO) and Co-Founder of CoinDCX, responded. In his official statement, the CEO acknowledged the occurrence of the security breach. However, the executive also relieved the community with the good news of the user funds’ safety.

Crypto Exchange Halts Web3 Trading and Commences Recovery Operations

According to the CEO’s official statement, he asserted that the attacker’s target was an internal wallet of CoinDCX. Hence, the consumers’ funds did not witness any impact. The exploited internal wallet’s purpose was the management of liquidity on a collaborator crypto exchange. Thus, it was not directly associated with the user deposits. Keeping this in view, the crypto exchange immediately halted Web3 trading operations, along with some other precautionary measures, along with commencing efforts for the recovery.