CoinDCX Recovery Bounty Offers 25% Reward to Trace $44M Theft

CoinDCX Recovery Bounty Announced After Massive $44M Crypto Hack

In a bold move to fight cybercrime, Indian crypto exchange CoinDCX has launched the CoinDCX Recovery Bounty program. 

This initiative invites ethical hackers, blockchain experts, and researchers to help trace the stolen funds from a recent hack and assist in identifying the attacker. In return, in CoinDCX Recovery Bounty program, the organisation is offering a reward of up to 25% of any recovered funds.

Source: Sumit Gupta

CEO Sumit Gupta explained that the goal isn’t just to recover the money, it’s about catching the criminals and protecting the broader crypto ecosystem. 

“What matters more is making sure this never happens again, not just to us, but to anyone in crypto,” Gupta said.

The CoinDCX Recovery Bounty is open globally and aims to bring in community support. Investigators with blockchain knowledge are being encouraged to track wallet movements and provide actionable intelligence.

Community and Partner Support Grows

The bounty program has received strong backing from the Web3 space. 

Major partners like Sygnia Labs, SuperteamIN, the Solana Foundation, Wormhole Foundation, and deBridge have joined hands with the exchange to track and analyze the stolen funds.

Co-founder Neeraj Khandelwal emphasized that this incident is not just an attack on one company, but on the trust the crypto space relies on. 

“The CoinDCX Recovery Bounty is our way of fighting back and showing unity across the community,” he said.

The organisation has also notified the national cybersecurity agency of India, CERT-In, and is collaborating with legal specialists to assist any possible prosecution. A public forensic report will be issued as the inquiry unfolds.

What Happened in the $44 Million Hack?

On July 19, CoinDCX suffered a major server breach caused by phishing. An internal account used for liquidity trading on partner platforms was compromised. 

The attackers stole approximately $44 million, first in Solana (SOL) and later moved the funds across networks.

The hackers used the Jupiter aggregator to convert the stolen SOL into Wrapped Ethereum (WETH) and then used the Wormhole bridge to transfer the funds to the Ethereum blockchain. Tornado Cash was used to hide the transaction history.

Two Ethereum wallets holding around 4,400 ETH linked to the stolen amount is now under watch. The wallet addresses are public and can be tracked on Arkham Intelligence.

No Customer Funds Were Impacted

Sumit Gupta was quick to clarify that no user funds were touched. The stolen amount came only from platform's own reserves. These reserves are used for internal operations and are stored separately from user assets, which are secured in cold wallets.

“All trading, deposits, and INR withdrawals are working normally. Please stay calm and trust official sources for updates,” Gupta posted.

A Strong Step Forward for Crypto Security

The CoinDCX Recovery Bounty has also become a game changer in the actions of the crypto platforms against the threats. 

Being silent is not an option and instead exchange has decided to be transparent, cooperative, and take actions with the community. 

The exchange is being assisted by international partners and blockchain professionals in achieving a more secure future of the growing crypto industry in India.