Indian Crypto Exchange Coindcx Cyber AttackIt caused a loss of $44.2 million, North Korean Lazarus Group. This was reported by Cryptoslate, citing Cyvers CEO Deddy Lavid.
Lavid noted that the attackers acted in accordance with a scheme that was very similar to the previous operations carried out by the DPRK hackers. One distinctive feature of their tactics is Cryptomixer Tornado Cash Cross-chain bridges hide the flow of funds.
On July 19, CoindCX reported a compromise on internal accounts used to provide liquidity on third-party platforms.
Lavid speculated that the attacker gained access to the backend via an Open API key, inappropriate system configuration, or an account permissions vulnerability. Once inside, they used legitimate account privileges to transfer assets from Solana to Ethereum, then washed the funds through tornado cash.
According to Lavid, detailed knowledge of the sophistication and fluidity mechanisms of centralized exchange attacks demonstrates the involvement of experienced and well-organized cybercriminals.
CoindCX co-founder Sumit Gupta confirmed that users’ assets were not affected by the hack, and that the company already covers all losses from its own funds.
The exchange has announced a prize program and offers a 25% reward for the amount recovered. The team is seeking help not only tracking assets, but also identifying the person responsible for the attack.
“What’s more important to us than collecting stolen funds is identifying and catching attackers because that shouldn’t happen with us and not with anyone in the industry,” Gupta emphasized.
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