CoinDCX hit by criminals

[Joy_learns_crypto]

CoinDCX is a cryptocurrency exchange based in Mumbai, India and according to https://www.business-standard.com/amp/markets/cryptocurrency/coindcx-joins-list-of-the-biggest-crypto-breaches-in-recent-times-125072200942_1.html CoinDCX was attacked and around $44 million was stolen. According to the article CoinCDX claimed they account that was attacked does not hold any client funds that I was just an internal account meant for liquidity operations for their partner exchange.

This is not the only case of attack where exchange lost millions of dollars and a paragraph in the article you can read that tracking stolen funds like this still remains challenging as this attackers has various options to launder this funds and remain untraceable.

You may or may not have your cryptocurrency on CoinCDX but news like this should call to your attention that you exchanges are still in dangers and as in this case the exchange are absorbing the whole loss but in other cases their clients could bare some loss.

You can not always know the time when these attacks can happen on an exchange so do not be obstinate about not leaving your cryptocurrency on any exchange.

[Charles-Tim]

You may or may not have your cryptocurrency on CoinCDX but news like this should call to your attention that you exchanges are still in dangers and as in this case the exchange are absorbing the whole loss but in other cases their clients could bare some loss.

If the amount stolen is huge, probably the exchange may close down like what happened to WazirX, although the CoinCDX might later reopened. What I read last about the exchange (WazirX) was that their users can only be able to get 80% of their coins back. I have not read any news that the exchange has reopened or give their users back their money.

The exchange (CoinCDX) was hacked on the 18th of this month and it was reported on the 19th of this month that it was hacked. It got to the general board on this forum on the 20th of this month.

[Zaguru12]

If the amount stolen is huge, probably the exchange may close down like what happened to WazirX, although the CoinCDX might later reopened. What I read last about the exchange (WazirX) was that their users can only be able to get 80% of their coins back. I have not read any news that the exchange has reopened or give their users back their money.

The exchange (CoinCDX) was hacked on the 18th of this month and it was reported on the 19th of this month that it was hacked. It got to the general board on this forum on the 20th of this month.

This particular case of CoinCDX was reported by them but they assured users that their funds are save and they didn’t stop any activity on the exchange as withdrawals and deposits were working properly just like what happened with bybit. Probably CoinCDX were able to chest the loss because it wasn’t a huge amount to them.

This is exactly one year after WaziriX was hacked for $200m  plus and since then i haven’t actually heard about them or that they have commenced repayment. The only exchange that has actually commenced repayment and it is also gradually is MtGox, the likes of FTX are taking forever and it is because of maybe the exchanges do not have the funds just yet which should be a scare to centralized exchange users.

But that brings us to the question about maybe Insurance or things like SAFU from binance are actually true that users funds are backed in case anything happens, we have seen that exchanges that got down due to heavy hacks couldn’t pay up the users money which to me is to ask that are users funds truly backed or just another marketing strategy to bait customers into trusting them.

For me the best way to use crypto is in trustless wallet or custodial wallet, everyone should be their own bank

[Perfectbaby]

You may or may not have your cryptocurrency on CoinCDX but news like this should call to your attention that you exchanges are still in dangers and as in this case the exchange are absorbing the whole loss but in other cases their clients could bare some loss.

If the amount stolen is huge, probably the exchange may close down like what happened to WazirX, although the CoinCDX might later reopened. What I read last about the exchange (WazirX) was that their users can only be able to get 80% of their coins back. I have not read any news that the exchange has reopened or give their users back their money.

The exchange (CoinCDX) was hacked on the 18th of this month and it was reported on the 19th of this month that it was hacked. It got to the general board on this forum on the 20th of this month.

Yeah I wanted to say that I have came across this news but can entirely recall where I had came across the news. For sure it could be that it was shared on the general board than here, but it's good to also share here as well so that the information could be transferred to the local roots of the forum since not all everyone who read widely across all board.

[Charles-Tim]

Yeah I wanted to say that I have came across this news but can entirely recall where I had came across the news. For sure it could be that it was shared on the general board than here, but it's good to also share here as well so that the information could be transferred to the local roots of the forum since not all everyone who read widely across all board.

I am not against it to be shared on local board. The person that first take it to English board first shared it on his local board before and that is not bad at all, but I like news to be very new and hot about what people are recently discussing. If I have merit, I would have still given him one but right now I have 0 merit since yesterday.

[Bitcoin Smith]

If the amount stolen is huge, probably the exchange may close down like what happened to WazirX, although the CoinCDX might later reopened. What I read last about the exchange (WazirX) was that their users can only be able to get 80% of their coins back. I have not read any news that the exchange has reopened or give their users back their money.

The amount is definitely huge for exchange like coinDCX but they claim there's no user funds are lost but the reality is the withdrawals are delayed and they said it will take 72 hours. You may think that the delay is for fiat not for crypto but the fact is in Indian exchanges we can't withdraw any cryptos to our wallets so only way to withdraw is via INR and it's currently delayed.

No Halt in Withdrawals, Operations Running Normally

CoinDCX services remain fully operational. Trading activity, INR deposits and INR withdrawals continue. INR withdrawals below ₹5 lakhs will reflect in your account within 5 hours, while withdrawals above ₹5 lakhs will be processed within 72 hours. The incident was isolated and has no impact on your portfolio access or operations.

Regarding wazirx, users claimed 66% of their funds backed but their official statement is 85% are refunded but many user's can't able to reach since they keep shifting their operation to different countries.

The exchange (CoinCDX) was hacked on the 18th of this month and it was reported on the 19th of this month that it was hacked. It got to the general board on this forum on the 20th of this month.

Maybe you missed my thread : Indian Exchange CoinDCX hacked?, which I posted not more than an hour it's posted by ZachXBT and even the official report came out after that.

[Charles-Tim]

The exchange (CoinCDX) was hacked on the 18th of this month and it was reported on the 19th of this month that it was hacked. It got to the general board on this forum on the 20th of this month.

Maybe you missed my thread : Indian Exchange CoinDCX hacked?, which I posted not more than an hour it's posted by ZachXBT and even the official report came out after that.

Hope you know this is a local board? I am not implying that you can not post on this board but that I knew what I posted and it is correct.

The hack was on 18th of this month, ZachXBT posted about it 17 hours after it was hacked which was the following day in Nigeria. You posted about it on the 20th. That makes me correct and know what I posted.

I saw your post and used it to make people not to post on similar thread on the general board: https://bitcointalk.org/index.php?topic=5551099.msg65605142#msg65605142

Edited:
That is true, it got to this forum on the 19th, not 20th. Although, I was referring to the same thread.

[CryptSafe]

I am still curious as to why people still don't want to learn from events and occurrences. The Bybit event, which happens to be the biggest of them all, should teach people a lesson on holding assets with a third-party exchange. Although from the news report, nobody lost their asset, but only the exchange lost its asset, I am still finding it difficult to believe that the exchange is sincerely saying the truth. One thing I will always advise crypto holders to do is not to try to store or keep their assets with a third-party exchange. Self-custodial is the best option, which can guarantee your asset safety under your watch without any compromise.

Always remember this: "Not your keys, not your coin," as it would help you make some sound decisions when it comes to your asset safety. Never trust any CEX as they can never guarantee the safety of either their platform or your asset, as they too can not guarantee you the safety of their platform, hence you signing and agreeing to their ToS before registering with their platform.

[Amphenomenon]

The best way to avoid losing all your Bitcoin is to have more than one exchange account and then keep a portion of your Bitcoin assets in each of those accounts.

This is totally off, please try to go through the forum and read, don't just go get information from unreliably source... then post it here. If this was in the main board, just know say Omo...

Go through these two threads in our Lb and learn about not storing your coins on exchanges, not your key and not your coin.
https://bitcointalk.org/index.php?topic=5550850.msg65598441#msg65598441
https://bitcointalk.org/index.php?topic=5551444.msg65615479#msg65615479

[Perfectbaby]

Yeah I wanted to say that I have came across this news but can entirely recall where I had came across the news. For sure it could be that it was shared on the general board than here, but it's good to also share here as well so that the information could be transferred to the local roots of the forum since not all everyone who read widely across all board.

I am not against it to be shared on local board. The person that first take it to English board first shared it on his local board before and that is not bad at all, but I like news to be very new and hot about what people are recently discussing. If I have merit, I would have still given him one but right now I have 0 merit since yesterday.

Of course is not something that is bad to share across this local board, in fact is a good thing that we all have the knowledge that something is actually wrong somewhere and we can also be that careful while using centralized exchange due to their unpredictable nature of hack, and I can still remember that popular phrase that says " not your key not your coin" and we shouldn't take for a joke and most be serious about it.