Furthermore, the CoinDEX CEO states the hack has been contained by isolating the affected operational account. Meanwhile, the value of the total lost assets would be offset by the exchange’s reserve as they commence efforts to track down the parties behind this hack.
Gupta explains that these efforts involve various legs, ranging from an ongoing internal security review to the planned launch of a bug bounty program.
The CoinDCX CEO said:
Our internal security and operations teams have been working through the day along with leading cybersecurity partners to investigate the matter, patch any vulnerabilities and trace the movement of funds. We are collaborating with the exchange partner to block and recover assets, including coming out with a bug bounty program soon.
The attacker address was funded with 1 ETH from Tornado Cash and later bridged a portion of the stolen funds from Solana to Ethereum.
Sumit Gupta has described the security breach as a learning moment, as the crypto industry continues to take major steps in battling cybersecurity threats.
This revelation is highly discouraging as the reported loot is already greater than the total value lost in 2024, which was nearly $2 billion. Chainanalysis warns that if the current rate of successful malicious events continues to occur, the cryptocurrency business may end up losing a projected $4.3 billion to hacks.
