The recent heist on Indian crypto exchange CoinDCX, resulting in a loss of $44 million, has been linked to the notorious North Korean Lazarus Group. Cybersecurity experts from Cyvers have uncovered similarities between this incident and a previous hack on WazirX, which occurred on the same date last year and led to a loss of $234 million. CoinDCX has confirmed that the hack targeted its operational wallet but reassured users that their funds are safe.
According to analysts, the speed and precision of the attack were alarming, with hackers managing to siphon off 44 million USDT in just five minutes through a series of rapid-fire transactions. The attackers stole the funds from one of the exchange’s operational wallets on Solana. Cyvers has highlighted that these coordinated attacks on two major Indian crypto exchanges are not mere coincidences but deliberate warnings.
In response to the hack, CoinDCX has announced a recovery bounty program to incentivize individuals or teams to help trace and retrieve the stolen crypto. Up to 25% of any recovered funds will be awarded to those who assist in recovering the stolen assets. CEO Sumit Gupta emphasized the importance of identifying and apprehending the attackers to prevent similar incidents in the future.
In a statement on Twitter, Gupta expressed his commitment to fighting against such cyber threats and ensuring the resilience of the Indian crypto community. Depending on the success of the recovery efforts, the bounty for retrieving the stolen funds could amount to as much as $11 million. The exchange is determined to emerge stronger from this ordeal and prevent future security breaches in the industry.
The investigation into the CoinDCX heist continues, with experts urging heightened vigilance and preemptive threat prevention measures to defend against cyber attacks. The incident serves as a stark reminder of the evolving threats facing the crypto industry and the importance of robust security protocols in safeguarding digital assets.