CoinDCX Launches White Hat Bounty After $44M Security Breach
Indian cryptocurrency exchange CoinDCX has introduced a white hat bounty program following a $44 million security incident. The attack compromised internal liquidity accounts while leaving customer funds unaffected. Sumit Gupta, CoinDCX’s CEO, announced ethical hackers could earn up to 25% of recovered assets.
Key Details of the Security Incident
- Attack targeted exchange’s operational accounts
- $44 million in digital assets stolen
- User wallets remained secure throughout
- 25% reward offered for successful fund recovery
Rising Security Challenges for Crypto Platforms
This breach reflects growing security threats facing centralized exchanges. Michael Pearl, VP at blockchain security firm Cyvers, emphasized the urgency for enhanced protections. “CEX-related incidents accounted for most major Web3 losses last quarter,” Pearl told Cointelegraph.
Essential Security Measures for Users
- Select platforms with robust security certifications
- Always enable two-factor authentication
- Regularly review account activity
- Consider using hardware wallets for large holdings
Industry Experts Advocate Proactive Solutions
Security specialists recommend offchain transaction validation to prevent similar attacks. “Advanced verification methods could virtually eliminate most exchange hacks,” Pearl noted. CoinDCX’s bounty initiative demonstrates the industry’s shift toward collaborative security approaches.
