Archive · 4 Aug 2025
CoinDCX Achieved Highest Volumes Despite July Hack
A cryptocurrency exchange called CoinDCX was hacked in July, losing a lot of money.
Surprisingly, they still made the most money and had the most trading activity that month.
People took their money out briefly after the hack, but then put most of it back in.
The company is using its own money to cover the loss, so they don't need to ask for more money right now.
CoinDCX's leader also said that India needs to start making rules for digital money like stablecoins.
This is because the US is making its own rules to help its money, and India needs a plan too.
CoinDCX experienced a hack in July, resulting in a loss of around ₹380 crore.
Despite the hack, CoinDCX recorded its highest monthly volumes and revenue in July.
Customer withdrawals occurred after the hack, but most funds were redeposited.
CoinDCX is using its treasury to cover the losses and doesn't need immediate fundraising.
CoinDCX's co-founder discussed the importance of India regulating stablecoins.
- Who
- CoinDCX, its co-founder Sumit Gupta, and the hackers.
- What
- CoinDCX, a cryptocurrency exchange, experienced a hack and still reported record volumes and revenue.
- When
- The hack occurred in July 2024.
- Where
- The article does not specify the location of the hack.
- Why
- CoinDCX is working to recover from the hack and is advocating for regulation of stablecoins in India to strengthen its financial infrastructure.
CoinDCX
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Security Response
CoinDCX
Focus on customer funds, security improvements, and working with investigators to trace the attackers.
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Business Outlook
CoinDCX
Confident on future growth and the need for regulation to strengthen India's financial market.
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- Loss from Hack
- ₹380 crore (approximate)
- July Total Volume (pre-hack)
- $10.08 billion USDT
- Average Daily Volume (pre-hack)
- $560 million USDT
- July Total Volume (post-hack)
- $6.98 billion USDT
- Average Daily Volume (post-hack)
- $581.3 million USDT
- Amount of funds recovered
- ₹1 crore (approximate)