India’s Crypto Exchange CoindCX was reportedly misused for around $44.2 million, according to blockchain detective ZachxBT and security company Cyvers.
Exchange CEO confirmed that the internal wallet has been compromised. However, he said that client funds remain safe.
CoindCX Hack has returned to Tornado Cash Funding
Zachxbt today reported an incident that stated that the attacker’s address received one ETH via Tornado Cash and subsequently bridged funds from Solana to Ethereum.
Asset flow suggests a coordinated cross-chain laundry strategy.
On-chain data, meanwhile, checks the fund’s movement across multiple addresses and protocols. The breached wallet is not part of the CoindCX publicly proof booking report and requires manual attribution.
Cyver discussed the hack in an exclusive commentary with Beincrypto.
“This hack is part of recent exchange violations, including Bibit, Wajirux and more — a harsh reminder that centralized platforms remain the main target of sophisticated access control attacks. Rethinking security stances, monitoring real-time wallets and moving beyond preemptive solutions like Cyvers threat interceptors is essential to ensure that the platform doesn’t make the next heading. Cyvers CTO Meir Dolev said
CoindCX confirms violations and says that the user’s funds are safe
CoindCX co-founder and CEO Sumit Gupta confirmed the incident after Zachxbt’s post. He revealed that the violations include internal wallets used for partner exchange liquidity, not for users.
According to the statement, the platform is investigating server violations that led to compromise. It freezes affected internal systems and works with security experts to contain the case.
The violation was initially flagged by Cyvers Alerts, a blockchain threat intelligence company that detected a suspicious withdrawal from a CoindCX hot wallet. Funds were quickly routed through multiple wallets, complicating tracing.
This is a developing story.
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