CoinDCX CEO Counters $44.2M Hack Fears Revealing $136 Million in Annual Revenue

In a detailed statement on X, Sumit Gupta, CEO of CoinDCX, addressed how the exchange remains financially strong despite a recent, major security breach.

Gupta shared internal data showing that the DCX Group (CoinDCX in India, BitOasis in UAE and Bahrain, and Okto Web3, which is a Web3 wallet developed by CoinDCX) had an annual revenue of ₹1,179 Cr (~$136 million), annual transaction volume of ₹13.7 Lakh Cr (~$158 billion), and assets under custody over ₹10,000 Cr (~$1.15 billion).

The group is backed by heavy-hitters like Bain Capital, Polychain, Jump Capital, Pantera, and others, having raised ₹2,144 Cr (~$248 million) in funding.

Gupta also mentioned and thanked their 19 million customers, ending the post by saying: “CoinDCX is here to stay, lead, and grow!”

CEO statement follows the recent $44.2M hack

The CEO’s statement came after CoinDCX suffered a security breach a few days ago. An internal operational account used for liquidity provisioning was hacked for approx $44.2 million, but luckily, no customer funds or wallets were affected.

It was reported that the CoinDCX’s treasury is covering the full loss and that the normal trading and INR withdrawals continue without interruption.

A reward of up to $11 million has been offered for the recovery of the stolen cryptocurrency, and partnerships have been established with CERT-IN and international forensics experts to track down the funds.

This is India’s second-largest exchange hack, after WazirX’s $234 million breach. In general, crypto thefts in H1 2025 exceeded $2.17 billion globally.

India’s growing crypto adoption

CoinDCX reaches almost 20 million people, attracting a fast-growing number of both individual and institutional investors. Even though the crypto regulations in India aren’t perfectly clear yet, the country is seeing a lot more crypto-related activity with big global names like Coinbase starting to set up shop.

By some estimations, the Indian cryptocurrencies market will see a big increase in earnings this year, hitting a remarkable $9.7 billion. Also, the number of cryptocurrency users in India is rising, with predictions of it going up to 123.35 million users by 2026.

Also, it’s interesting to note that although CoinDCX leads in compliance, crypto withdrawal restrictions remain a controversial topic (there have been reports of users being unable to withdraw coins), especially as P2P delays and transaction taxes persist in India.