India’s largest crypto exchange, CoinDCX, has resumed user withdrawals after a ₹300 crore ($44 million) security breach on June 13, 2025. The incident stemmed not from CoinDCX’s core systems but from a compromise in the third-party wallet infrastructure provider BitGo.
Speaking to The Economic Times, CoinDCX co-founder and CEO Sumit Gupta confirmed that no user funds were impacted. “Retaining the users trust and ensuring that their funds were 100% safe was our topmost priority. We ensured that all customer withdrawal requests were honoured and there was no impact on the functioning of platform,” Gupta said. “This was our wake-up call… and we take full responsibility.”
Engineer Arrested in Internal Breach
On July 30, Bengaluru’s cybercrime unit arrested Shubham Anand, a 30-year-old CoinDCX software engineer, in connection with the attack. Police allege Anand manipulated internal systems and played a key role in diverting funds. The investigation remains ongoing.
Founded in 2018 and headquartered in Mumbai, CoinDCX controls nearly 80% of India’s centralized crypto exchange market. It holds over ₹10,000 crore ($1.14 billion) in crypto assets and reports an annualized revenue of ₹1,179 crore ($134.94 million).
Despite Breach, CoinDCX Hits Record Trading Volume
Despite the breach, In July, CoinDCX achieved all-time high monthly trading volumes despite the breach, indicating that users are very confident. Gupta also denied reports of a $900 million acquisition offer from Coinbase, calling such valuations “petty and unrealistic.”
He said CoinDCX remains focused on becoming India’s first crypto decacorn, targeting a $10 billion valuation pending clear regulatory guidance.
Also Read: CoinDCX Denies Coinbase Buyout Rumors After $44M Hack
