In a startling cyberattack, hackers stole $44 million from Indian crypto exchange CoinDCX on July 19. Experts now say the Lazarus Group is behind it.
Cybersecurity firm Cyvers has linked the heist to North Korea’s notorious Lazarus Group, pointing out shocking similarities to WazirX’s $234 million hack, which also occurred on July 18 last year.
According to Cyvers, the Lazarus Group launched a test transaction of just 1 USDT on July 16 before executing the full-scale attack three days later. In a span of just 5 minutes, the hackers drained the funds through seven rapid transactions.
Analysts called the attack “alarming,” citing its speed, precision, and cross-chain complexity. CoinDCX assured users that their funds were safe and the breach only affected an operational wallet.
The exchange has now introduced a recovery bounty program, which promises up to 25% of recovered funds, or almost $11 million, to anyone who can assist in recovering the stolen crypto.
Analysts caution that the fact that Indian exchanges are being targeted repeatedly is not an accident. Cyvers said, “If Lazarus is accelerating its focus on India’s largest exchanges, preemptive threat prevention isn’t optional. It’s the only line of defense.”
CoinDCX CEO Sumit Gupta said on X, “More than recovering the stolen funds, what is important for us is to identify and catch the attackers, because such things shouldn’t happen again, not with us, not with anyone in the industry.”
The recent hack highlights the importance of enhanced cybersecurity within the expanding crypto market in India. The message is clear: exchanges need to be more defensive to avoid becoming the next target.
Also Read: One Year Since WazirX’s ₹2,000 Crore Hack: The Wait, The Questions, & the Uneasy Silence
