Summary: Indian crypto exchange CoinDCX hacked, loses $44.2 mln overnight

Crypto exchanges are facing a relentless wave of cyberattacks, and India's CoinDCX is the latest victim. The major Indian crypto exchange was hit by a $44.2 million cross-chain hack targeting an internal operational account. This incident marks one of the largest hacks in India's crypto space since WazirX's $230 million exploit a year ago. Blockchain sleuth ZachXBT was quick to identify the breach, prompting CoinDCX CEO Sumit Gupta to confirm the incident. Gupta assured users that their funds, stored in secure cold wallet infrastructure, remained completely safe and unaffected. He also confirmed that all trading activities and INR withdrawals continued to operate normally. The sophisticated server breach compromised an account used solely for liquidity provisioning, not direct customer assets. This CoinDCX attack isn't an isolated incident, highlighting a disturbing trend in the crypto world. Recent weeks have seen a surge in high-profile exploits. Iran's Nobitex lost $81 million to a politically motivated hack. The Arbitrum-based GMX V1 suffered a $42 million reentrancy exploit, though most funds were later returned. Bitcoin DeFi platform Alex Protocol also experienced an $8.3 million loss, with a pledge to reimburse users. These breaches underscore the critical need for enhanced security measures across the cryptocurrency ecosystem.