CoinDCX: CoinDCX resumes withdrawals after $44 million security breach, assures user funds are safe
Synopsis
CoinDCX, an Indian crypto exchange, resumed withdrawals after a $44 million security incident. Sumit Gupta, CEO, assured users that funds were safe. The company experienced record trading volumes post-incident. CoinDCX dismisses acquisition rumors and targets a $10 billion valuation. The exchange anticipates significant growth with clear crypto regulations in India. Currently, CoinDCX holds a substantial market share.
Mumbai: India’s crypto exchange CoinDCX has opened withdrawals on its platform and asserted that no user funds were affected after it suffered a $44 million (~₹300 crore) security breach on its platform last month, cofounder and CEO Sumit Gupta told ET.
“For us retaining the users trust and ensuring that their funds were 100% safe was our topmost priority. We ensured that all customer withdrawal requests were honoured and there was no impact on the functioning of platform,” Gupta said.
“This was our wake-up call. The attack was not on our core systems but on a third-party service we used for wallet management. Still, we take full responsibility.”
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View Details »Gupta also pushed back against media speculation around a possible $900 million acquisition by global exchange Coinbase, asserting that CoinDCX is on path to be India’s first crypto decacorn (valued at $10 billion) and such “petty” valuations do not justify the company’s growth trajectory. 
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“Our annualised revenue today stands at ₹1,179 crore and we have nearly ₹10,000 worth of crypto assets under custody across products,” Gupta said, adding that the company’s current valuation must be more than $2 billion.
“We hold 80% market share among India’s centralised exchanges. But this is just scratching the surface. Once the Indian government brings an official crypto policy, we could easily achieve decacorn status within a year,” he said.
