Exchange

CoinDCX Gives Clarification On Network Hacking Case; Assures Safety of Customers Funds

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CoinDCX, an innovative and high-tech cryptocurrency exchange from India, has released a statement giving the details about the recent hacking incident investigation by assuring its customers about the safety of their funds on the network. The CoinDCX team has posted the link of its official statement regarding the hacking issue on its Twitter handle. It read:

Neeraj Khandelwal, the co-founder of the CoinDCX exchange, took to his Twitter handle to share views on the incident. He stated that his team is dedicated to ensure the highest standards of safety and security of their customers as these are of paramount importance for them.

According to the news, an alleged hacking took place on the exchange on May 13, 2020, which caused an upsetting situation in the market with people questioning the efficiency of the Indian crypto domain. The official statement clarified that the incident is under investigation in collaboration with various authoritative bodies. They affirmed that the platform was not compromised, and only one user account was impacted by the isolated incident. The CoinDCX team is in talks with the user and he has been promised full support until the issue is sorted by the exchange.

The statement read,

CoinDCX team talks

As soon as the user informed CoinDCX about the missing funds from his account and losing access to his account, CoinDCX acted promptly to secure the account and restrict the loss of funds thereupon. They introduced a two-level inquiry set-up in which the first stage was an internal security check to track entry points, causes, and weak ends, if any. The second enquiry stage was initiated after the identification of the beneficiary’s wallet address. This was carried upon by CoinDCX and international forensic group to trace the funds and block their usage.

The statement concluded,

CoinDCX Conclude

David Cox

David is a finance graduate and crypto enthusiast. He projects his expertise in subjects like crypto and Blockchain while writing for CryptoNewsZ. Being from Finance background, he efficiently writes Price Analysis. Apart from writing, he actively nurtures hobbies like sports and movies.

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