CoinDCX's $44.2M Crypto Theft: Bounty Program Launched

New Delhi, Jul 21 (PTI) Indian cryptocurrency exchange CoinDCX, which recently suffered a theft of USD 44.2 million, or Rs 378 crore, on Monday announced to offer up to 25 per cent of recovered funds as a reward for information that helps in the retrieval of stolen assets and identification of the culprits.

The CoinDCX Recovery Bounty Program calls on ethical hackers, white-hat researchers, and partners across the ecosystem "not just to recover funds, but to rally the Web3 community in the fight against cybercrime".

Up to "25 per cent of all successfully recovered funds will be awarded to partners who play an active role in retrieving the stolen crypto in the incident and assist in the identification and conviction of the attackers.

"Bounty Pool Potential: Up to USD 11 million in value in the scenario of a full recovery," CoinDCX said in a statement.

CoinDCX security systems detected unauthorised access to one of its accounts on the partner exchange on Saturday, resulting in a financial exposure of about USD 44 million.

The total loss is being absorbed entirely by CoinDCX using the company's treasury reserves, with no customer funds affected, co-founders Sumit Gupta and Neeraj Khandelwal had said.