Indian crypto exchange CoinDCX has announced a large Recovery Bounty Program after losing about USD 44.2 million in a recent security hack. The program, revealed on Monday, offers up to 25% of any recovered funds as a reward for people who can help track down the stolen assets or identify the hacker.
This means the bounty could go up to USD 11 million, making it the largest recovery reward ever offered by crypto firm. The breach happened between July 18 and 20 and targeted an internal wallet on the Solana blockchain.
Traces Stolen Assets
As of Sunday, CoinDCX said most of the stolen crypto was found in two wallets: one holding nearly 155,830 SOL tokens worth about USD 27.6 million, and another with around 4,443 ETH worth about USD 15.7 million.
The company stressed that no customer funds were stolen, as the hacked wallet was only used for internal operations and managed through a partner exchange.
Works with Experts
CoinDCX is working closely with top cybersecurity firms like Sygnia, zeroShadow, and Seal911 to investigate the breach and find ways to recover the funds. It is also teaming up with the Solana Foundation, Superteam, and crypto bridge providers Wormhole and deBridge.
“We are collaborating with exchange partners to block and recover assets,” said Neeraj Khandelwal, Co-founder of CoinDCX. “At the same time, we are launching this bounty program to strengthen our defences and show our commitment to transparency.”
Invites Community Help
CoinDCX is now calling on ethical hackers, white-hat researchers, and cybersecurity experts to help in the recovery effort. Tips will be reviewed based on credibility and potential to help recover the stolen funds.
Contributors can share their information through a special email set up by the company. The stolen funds were mostly in USDC and USDT stablecoins, as noted by blockchain security firm Cyvers.
Follows Industry Trend
The move comes after a similar case last year when rival exchange WazirX offered a bounty of up to USD 23 million to recover USD 234 million stolen in a hack. Sadly, only about USD 3 million was eventually frozen, while the rest was moved through crypto mixers.
CoinDCX’s new program highlights how crypto firms increasingly rely on community-led efforts to fight cybercrime and recover lost assets.
What is CoinDCX
CoinDCX is India’s leading cryptocurrency investment and trading platform, founded in 2018 by IIT Bombay alumni Sumit Gupta and Neeraj Khandelwal. It offers a user-friendly app for beginners and advanced tools like margin and futures trading, staking, and lending. With over 13 crore users and Rs 10,000 crore assets under custody, CoinDCX aims to democratize crypto investing in India through simple, secure, and compliant services. The platform is backed by top global investors and remains financially strong as it builds India’s crypto and Web3 ecosystem for the long term.
