CoinDCX Launches Bounty Program After Cryptocurrency Heist

Indian cryptocurrency exchange CoinDCX is taking decisive action following a significant security breach resulting in a loss of USD 44.2 million. The company has introduced a Recovery Bounty Program, offering up to 25% of retrieved funds as a reward for information aiding in asset recovery and identifying those responsible.

This initiative calls upon ethical hackers, white-hat researchers, and partners within the cryptocurrency ecosystem to unify and combat cybercrime. Successful contributors to the fund recovery and culprit identification efforts can expect a share from a potential USD 11 million bounty pool.

After unauthorized access to a CoinDCX account on a partner exchange led to the financial setback, the company assured that customer funds remain secure. The loss has been absorbed entirely using CoinDCX's treasury reserves, as confirmed by co-founders Sumit Gupta and Neeraj Khandelwal.

(With inputs from agencies.)