CoinDCX launches recovery bounty after crypto theft
BENGALURU: Crypto exchange CoinDCX on Monday announced the launch of its Recovery Bounty Programme, which will offer up to 25 per cent of the recovered assets. The initiative aims to retrieve impacted funds and assist in the identification and conviction of the attackers.
Last week, the exchange lost $44 million (about ₹368 crore) worth of assets in a cyberattack. CoinDCX stated that 25 per cent of all successfully recovered funds will be awarded to partners who play an active role in retrieving the stolen crypto and assisting in the identification and conviction of the attackers.
The bounty pool has the potential to reach up to $11 million in value, in the event of a full recovery.
Last year, a cyberattack on WazirX led to the theft of approximately ₹2,000 crore worth of funds. Later, in September, the exchange filed a moratorium application in a Singapore court.
“Cybercrime is an attack on trust. When one of us is targeted, all of us are affected. CoinDCX is committed to turning this incident into an opportunity to strengthen defenses, reinforce transparency, and work with the best minds in the industry to make recovery real and replicable,” said Neeraj Khandelwal, Co-founder of CoinDCX.
“We are collaborating with exchange partners to block and recover assets. At the same time, we are launching a bounty program. Thank you for the overwhelming support and kind messages from this wonderful community during these challenging times. Your trust means everything to us, and we’re more committed than ever to uphold it. We will emerge from this stronger, together,” he added.
Most of CoinDCX's funds reside in two wallets, SOL – holding 155,830 SOL (~$27.6 million) and ETH – holding approximately 4,443 ETH (~$15.7 million)
Founded in 2018, CoinDCX is India’s largest cryptocurrency exchange, with 1.9 crore registered users. Its global investors include Pantera, Steadview Capital, Kingsway, Polychain Capital, B Capital Group, Bain Capital Ventures, Cadenza, Draper Dragon, Republic, Kindred, and Coinbase Ventures.