CoinDCX makes BIG move after Rs 368 crore hack, launches India's largest...

CoinDCX, an Indian cryptocurrency exchange, has launched India’s largest recovery bounty in the cryptocurrency sector, following a major security breach that resulted in a loss of approximately Rs 378 crore (USD 44.2 million). The exchange is offering up to 25 per cent of recovered funds as a reward to anyone who provides actionable information that helps retrieve assets lost in a recent security breach.

CoinDCX Recovery Bounty Program

The program calls on ethical hackers, white-hat researchers, and partners across the ecosystem "not just to recover funds, but to rally the Web3 community in the fight against cybercrime". Up to "25 per cent of all successfully recovered funds will be awarded to partners who play an active role in retrieving the stolen crypto in the incident and assist in the identification and conviction of the attackers. "Bounty Pool Potential: Up to USD 11 million in value in the scenario of a full recovery," CoinDCX said in a statement. 

CoinDCX hack

CoinDCX security systems detected unauthorised access to one of its accounts on the partner exchange on Saturday, resulting in a financial exposure of about USD 44 million. The total loss is being absorbed entirely by CoinDCX using the company's treasury reserves, with no customer funds affected, co-founders Sumit Gupta and Neeraj Khandelwal had said.

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(With inputs from PTI)