CoinDCX, a leading Indian cryptocurrency exchange, has offered a substantial 25% bounty to help recover approximately $44 million in stolen crypto assets following a recent security breach.
Crypto Exchange Suffers Major Heist
India’s prominent cryptocurrency exchange, CoinDCX, recently confirmed a significant security breach. This incident resulted in the loss of about $44 million, which translates to roughly Rs 379 crore.
In response, the company has launched a recovery bounty program. They are offering a generous reward to anyone who can assist in retrieving the stolen funds and help identify the attackers responsible for the breach.
The Lucrative Recovery Bounty
CoinDCX is prepared to pay up to 25% of the recovered funds as a reward. If all the stolen assets are successfully retrieved, this bounty could amount to a staggering $11 million, or around Rs 94.6 crore.
This initiative highlights the exchange’s determination to reclaim the lost cryptocurrency and bring the perpetrators to justice.
A United Front Against Cybercrime
Beyond just recovering funds, CoinDCX sees this as an opportunity to unite the entire Web3 community. They emphasize that this effort is crucial for the safety, transparency, and future of the decentralized ecosystem.
“This is a war against cybercrime,” the company stated, underscoring the broader implications of such attacks on the digital asset world.
Restoring Trust and Strengthening Defenses
Neeraj Khandelwal, Co-founder of CoinDCX, highlighted that the breach was an attack not just on the company, but on trust itself. He stressed that when one entity is targeted, the entire community is affected.
Khandelwal affirmed CoinDCX’s commitment to use this incident as a turning point. The goal is to strengthen their defenses, enhance transparency, and collaborate with industry experts to ensure recovery efforts are effective and repeatable.
The exchange is actively working with exchange partners to block and recover the compromised assets. They have also issued a call to action, inviting ethical hackers, white-hat researchers, and other ecosystem partners to join their fight against cybercrime.
- CoinDCX suffered a security breach resulting in a $44 million crypto loss.
- A 25% bounty is offered for help in recovering the stolen funds.
- The bounty could reach up to $11 million if all assets are retrieved.
- CoinDCX emphasizes community unity against cybercrime in the Web3 space.
- The company is committed to strengthening security and working with partners for recovery.
This incident serves as a stark reminder of the ongoing security challenges in the crypto world and the importance of collective action to combat cyber threats.
