One of the larger crypto exchanges, Coindcx has suffered a loss of more than $ 4.42 million (about Rs 378 crore) due to hacking. Coindcx has offered to give 25 percent of the recovery to those who assist in identifying the stolen assets and identifying its culprits.

The incident of making a dent in the system of this Crypto Exchange took place on Saturday last week and in it the hackers targeted one of the International Operational Accounts of the Exchange. However, Coindcx has assured its users that their funds are completely safe. This has clarified that this account was used for liquidity -related operations on a partner exchange and no assets of the customer were stored in it.

In the Recovery Bounty program announced by Coindcx, ethical hackers and ecosystem partners have been invited to cooperate in this investigation. This Crypto Exchange says that its target is to recover the web3 community in the fight against cybercrime along with recovery of funds. If the stolen fund of Coindcx is recovered, then those who help can get up to $ 1.1 million as a reward. Sumit Gupta, co-founder of this Crypto Exchange, stated in a post on social media platform X that a complex server has been attacked on an account of Coindcx. He had said that this loss would be completely covered with the company’s Treasury Reserve. This is sufficient to lift the reserve loss.

After this hacking, CoindcX temporarily closed its web3 trading platform as vigilance. However, it was later resumed for users. Gupta also advised the exchange users not to hurry. He had said, “Don’t sell your assets in a hurry.” Coindcx’s internal security team is working with the International Cybercharity Partners to investigate this hacking. Last year, in the system of another major crypto exchange Wazirx, hackers stole the cryptocurrency of more than $ 23 million.

Hackers have dent in the system of Coindcx included in the country’s big crypto exchanges. In this hacking, Coindcx has lost about $ 4.4 million (about Rs 368 crore). This hacking took place on Saturday and targeted one of the International Operational Accounts in the Exchange.

However, Coindcx has assured its users that their funds are completely safe. This Crypto Exchange has clarified that this account was used for liquidity -related operations on a partner exchange and no assets of the customer were stored in it. One on social media platform x Post In coindcx co-founder, Sumit Gupta reported that a complex server has been attacked on this account. He said that this loss will be completely covered with the company’s Treasury Reserve. This is sufficient to lift the reserve loss. This exchange says that this case of hacking is being taken very seriously and the security of its system will be increased.

After this hacking, CoindcX temporarily closed its web3 trading platform as vigilance. Gupta has also advised the exchange users not to hurry. He said, “Don’t sell your assets in a hurry.” He warned that doing so could harm users. Coindcx’s internal security team is working with the International Cybercharity Partners to investigate this hacking. Along with this, efforts are also being made to track stolen funds. Last year, in the system of another major crypto exchange Wazirx of the country, hackers had stolen cryptocurrency worth more than $ 23 million.

Crypto’s segment has increased rapidly over the years. Along with this, hacking and scam cases have also increased in this segment. Earlier this year, hackers stole a cryptocurrency of about $ 1.5 billion by making a dent in the system of International Crypto Exchange bybit. It had a major impact on the crypto market including the most popular cryptocurrency Bitcoin. It was described as the biggest theft of cryptocurrency.

In the last few years, the cases of fraud related to cryptocurrency have increased rapidly. In these cases the Enforcement Directorate (ED) has tied-up with Crypto Exchange Coindcx to keep the seized cryptocurrency. The ED has seized a large amount of cryptocurrency during the investigation of fraud cases. This agreement has been signed for storage safely of this cryptocurrency.

In the last few months, the ED has tightened the illegal crypto firms. The Centralized Crypto Exchange Coindcx has also registered with the Financial Intelligence Unit (FIU). To help the ED, the Coindcx will put a team trained in the Advanced Security Protocols. The seized cryptocurrencies will be stored in multi-cignature and multi-party computation (MPC) wallets. Multi-signature wallets require more than one keys for withdrawing, while in MPC wallets, more than one Shards are distributed on devices to a private. Both these methods increase the security of crypto wallets.

However, ED has not said that the cryptocurrency of how much amount will be kept under the supervision of Coindcx. Recently, ED raided the Foreign Exchange Management Act (FEMA) in Delhi, Mumbai and Jaipur in terms of a fraud associated with the country’s crypto. The case was related to cheating with people by creating a fake website of Crypto Exchange.

ED had reported that this fraud is worth about 600 crores. The investigation was launched after a report published in the newspaper. It was reported in this report that Chirag Tomar, an Indian citizen, was sentenced to jail in the US for cheating hundreds of people. In this case, Crypto Exchange was cheated by creating a fake website of Coinbase. In this, fake website used to show incorrect information on entering details related to the victims, so that users used to contact the phone number on this website. This phone was from a call center which Tomar and his companions used to run. These people used to transfer their holdings to their crypto wallets after taking access to the cryptocurrency account of the victims.