CoinDCX Server Breach Announcement
In a recent announcement, Sumit Gupta, the co-founder of the Indian cryptocurrency trading platform CoinDCX, disclosed that a server breach affected one of the exchange’s internal operational accounts, which is utilized for providing liquidity on partner exchanges. He reassured customers that the breach did not impact the CoinDCX wallet, which is responsible for holding customer funds, stating that all user assets remain safeguarded.
Impact on Customer Funds
Gupta emphasized that no customer money was lost as a result of this incident. The exchange’s cold wallet infrastructure has kept all user funds secure. He informed users that standard trading activities, as well as INR withdrawals, are continuing without interruption.
Containment and Response
The breach was swiftly contained by isolating the compromised account, which is separate from customer wallets, thereby limiting the potential risk to this account alone. CoinDCX will absorb any losses incurred from this incident entirely from their own reserves.
Investigation and Future Security Measures
To address the security breach, the exchange’s internal security and operations teams are collaborating with prominent cybersecurity experts to conduct a comprehensive investigation, resolve any identified vulnerabilities, and trace the movement of the potentially affected funds. Additionally, CoinDCX is working with its exchange partners to prevent further asset loss and aims to implement a bug bounty program shortly to enhance its security measures.
Lessons Learned
Gupta reiterated that every security challenge offers valuable lessons, and CoinDCX will utilize insights gained from this incident to bolster the reliability and safety of its platform even further.
