ZachXBT flags $44M CoinDCX exploit, team delays reply – funds were routed via Tornado Cash and Solana–Ethereum bridge. This is far from the first time ZachXBT has uncovered a breach, which proved especially helpful to Bybit and in many other security incidents. However, while Bybit was transparent about the incident from the very beginning, which largely allowed them to restore reserves and liquidity at record speed and prove that it remains one of the most resilient crypto platforms in the industry, things are somewhat different with CoinDCX.
ZachXBT, Once Again on Watch
ZachXBT was the first to report a $44.2 million asset outflow from an address linked to CoinDCX. According to his analysis, the outflow began with a 1 ETH transaction via Tornado Cash, after which part of the funds moved from Solana to Ethereum through a cross-chain bridge. The address used was not publicly labeled as belonging to CoinDCX and was not included in the current Proof-of-Reserves. He identified the source by analyzing counterparties linked to previously active project wallets.
CoinDCX did not comment on the incident for 17 hours. During that time, the funds went through several phases of movement. As usual, ZachXBT attached a TRM graph showing the transaction flow and listing the following addresses involved in the movement of funds:
- 6peRRbTz28xofaJPJzEkxnpcpR5xhYsQcmJHQFdP22n
- 3btch8cSVp3Uh2SiY9DeiRNYUBmFiBNHZQzDyecJs7Gu
- 0xEF0c5b9E0E9643937D75C229648158584A8CD8D2
Better Late Than Never
However, following ZachXBT’s post, CoinDCX confirmed the breach. In the Discord, CoinDCX employee Suchit Karande called on members to support a tweet by the project’s co-founder, Sumit Gupta.
And later, we can see a full explanation from Suchit Karande on X.
Conclusion
This is often how it works in Web3 – the community compels companies to make the right decisions and provide transparency. This case shows once again how ZachXBT’s post and the team’s delayed reaction sparked discussion in the community and became the catalyst for the exchange’s public acknowledgment of the incident.
Stay alert and choose vetted platforms and sources – and stay tuned for the latest updates and opportunities in crypto, blockchain, and DeFi.
