Is Lazarus Group Behind India’s $44M CoinDCX Heist? Cyvers Report Says Yes

On 19 July 2025, major Indian cryptocurrency exchange CoinDCX suffered a security breach resulting in the theft of approximately $44.2 million in USDC and USDT. Despite the hack, CEO Sumit Gupta took to X on 22 July 2025 to say that “CoinDCX remains financially strong, fully operational, and firmly committed to building for the long.. The post Is Lazarus Group Behind India’s $44M CoinDCX Heist? Cyvers Report Says Yes appeared first on 99Bitcoins.

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Jul 22, 2025 - 21:00

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On 19 July 2025, major Indian cryptocurrency exchange CoinDCX suffered a security breach resulting in the theft of approximately $44.2 million in USDC and USDT. Despite the hack, CEO Sumit Gupta took to X on 22 July 2025 to say that “CoinDCX remains financially strong, fully operational, and firmly committed to building for the long term. For us, it’s business as usual.”

“We have processed 100%, I repeat, one hundred percent of INR withdrawal requests on the platform,” Gupta insisted.

Now, it has come to light that the hack could possibly be attributed to the North Korean Lazarus Group – an internationally notorious, state-owned, cybercrime syndicate known for targeting crypto platforms.

Cybersecurity firm Cyvers reported that the theft was executed within just five minutes. It involved seven high-speed transactions. The hackers showed cross-chain expertise to exploit operational wallets on the Solana blockchain