Coindxc Cryptocurrency Exchange Indian has announced the recovery efforts after a victim of $ 44 million in exploitation last Friday, as the company pledged a reward for White Hat who help in recovering stolen money.
Interior Coindxc Accounts The use of “liquidity saving” was exploited on Friday, which led to the theft of an encrypted currency of $ 44 million, while the user’s funds remained not affected.
In an attempt to recover the stolen money, Coincx Sumit Gupta CEO of Coindcx Sumit Gupta announced a new regain program that offers a white hat or ethical infiltrators of up to 25 % of any recovered boxes that can help to track and restore.
“The exposure of our own reserves, and we have already absorbed it through the corporate treasury,” said Gupta on Monday. mailAdding:
“More than recovering stolen money, what is important for us is to identify and arrest the attackers, because such things should not happen again, not with us, and not with anyone in the industry.”
He added that the penetration “does not affect any of our customers and the platform continues to work as usual.”
Coindcx penetration event a year after an unknown hacker stole 230 million dollars from wazirxThe exchange of an Indian encrypted currency, in the second largest penetration of encrypted currencies for 2024.
However, these penetrations are pale compared to More than 1.4 billion dollars The exploitation of the BYBIT exchange on February 21, which was a sign The biggest theft of encryption in history.
Related to: Bybit Hacker 100 % fools of encryption $ 1.4 billion in 10 days
Coindcx Hack represents a new wave of encryption exchange exploits
The Coindcx Hack is Part of a RNewed Wave of Exploits on Centralized CryptoCurrency Exchangs, According to Michael Pearl, Vice President of GTM Strategy at Blockchain Security FIRM CYVERS.
Pearl told Cointelegraph, adding:
“In the second quarter of 2024 alone, more than 65 % of the CEX incidents of CEX arose, as it lost approximately $ 500 million due to violations of the wallet.”
“These are not isolated events, they are systematic weaknesses,” Berl claimed, adding that the Sevars team “urges to rethink the position of the security situation” and move to preventive solutions such as monitoring the portfolio in an actual time.
Related to: More than 70 % of the penetrated funds are lost to CEFI – Traveling
Preventive solutions can be, such as checking the validity of favorable transactions 99 % of all encryption breakthroughs Pearl said that fraud by simulating Blockchain transactions and verifying their authenticity in an external environment before Mainnet was executed.
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