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Crypto exchange: India’s major cryptocurrency exchange Coindcx Recently, a large cyber attack has been a victim of about US $ 4.42 million (about ₹ 378 crore) from the platform. After the incident came to light, the company’s founders have reacted on social media and assured users that their funds are completely safe.

Customer funds safe, only internal wallet damaged

CONDCX co-founder Sumit Gupta, while giving information on the social media platform X (Twitter), said, “Customers’ funds have not been affected. Cyber attack has only affected an internal operation.” He said that the company will compensate for this loss from its Treasury Reserve, so that the users do not have any inconvenience.

Hacking incident took place on 19 July

According to media reports, the incident came to light at 4 am on July 19 when Coindcx’s security system detected an unofficial access. Through this access, hackers took an internal account under control and transferred a large amount from the platform.

Questions raised again on the security of crypto platform

After this big theft, the cyber security of cryptocurrency exchanges has once again been questioned. This is not the first time, before Wazirx also had a cyber attack with a loss of about 23 million US dollars.

How does the security of Crypto Exchange works?

Bybit India’s Country Manager Vikas Gupta said that “Crypto is digital, so there is a risk of cyber attack, but this does not mean that your money can fly in a few click.” He said that most of the exchanges use multi-layer security. Multiple permission is required to move funds and this approval is divided at different levels, which reduces the possibility of theft to a great extent.

Note

Although Coindcx has handled the incident with immediate effect and the customers have not been damaged, the event suggests that there is a dire need to further strengthen cyber security in the Crypto sector.