The attack happened early Saturday.

However, CoinDCX founders have assured customers that their assets are safe and losses will be covered by treasury reserves.

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The Mumbai-based crypto exchange clarified that the attack does not impact wallets used to store customer assets.

The compromised account was used “exclusively” for liquidity provisioning on a partner exchange.

“Today, one of our internal operational accounts – used only for liquidity provisioning on a partner exchange – was compromised due to a sophisticated server breach,” said CoinDCX Co-founder, Sumit Gupta, on X.

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He also said that the losses will be covered by the company’s treasury reserves, which are “sufficiently healthy” to cover the amount.

The platform has not stopped trading and INR withdrawals on the crypto exchange, though it urged investors not to “panic sell.”

“A gentle reminder: Don’t panic sell your assets. It often leads to poor prices and unnecessary losses. Let the markets settle. Stay calm, stay confident,” says Gupta in another X post.

Recovery process underway

The company stated that the internal security and operations teams have been working along with leading cybersecurity partners to investigate the matter, patch any vulnerabilities and trace the movement of funds.

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“We are collaborating with the exchange partner to block and recover assets, including coming out with a bug bounty program soon.”