Indian Crypto Exchange CoinDCX Initiates Bounty Program Following $4.4 Million Exploit

CoinDCX, a prominent Indian cryptocurrency exchange, has revealed the launch of an extensive bounty program in response to a security breach that resulted in losses of approximately $4.4 million. This initiative seeks to leverage the capabilities of the cybersecurity community in order to pinpoint and recover the stolen assets. Initial reports suggest that the exploit targeted specific hot cryptocurrency wallets controlled by the exchange, raising concerns regarding the security measures of the exchange’s infrastructure. CoinDCX is currently undertaking a thorough investigation into the incident, collaborating with external security specialists and law enforcement agencies. The bounty program offers substantial financial rewards for information that leads to the retrieval of the misappropriated funds and the identification of those responsible for the attack. The exchange has reassured its users that it is diligently working to safeguard their funds and will implement all necessary precautions to prevent similar incidents from occurring in the future. CoinDCX has also emphasized its dedication to transparency and will provide regular updates regarding the progress of the investigations and recovery efforts.