- CoinDCX remains secure and is fully committed to the safety of funds
- Total funds in CoinDCX hot wallets remain less than 5%
- CoinDCX is cooperating with the Cashaa team to help them with their investigation
CoinDCX takes the security of the digital assets and any private information stored within the platform very seriously. Our platform is built with industry-leading security protocols that are regularly tested to check any violations. Our team is constantly auditing and building upon existing protocols to ensure that our security is up-to-date and impenetrable. CoinDCX uses geographically distributed cold wallets, DDoS protection, regular stress testing measures, and multi-signature authentications to ensure world-class security.
We ensure that we are maintaining all the necessary cryptocurrency security standards to keep the user’s funds safe. The cutting-edge protocols safeguard the digital coins and private keys of all our users from any hacks and malicious attacks. With a growing global user base, CoinDCX is growing its technology and security team by bringing more avant-garde minds to research on the potential attacks and guarantee the protection from these attacks with innovative solutions.
Below are a few of the measures which CoinDCX has deployed to safeguard user data and fund:
- Geographically Distributed Cold Wallets – Our funds are held in geographically distributed multi-signature cold wallets. No single person has access to multiple wallets at the same time, nor can just a single person remove funds from any wallet.
- Regular Stress Testing – We conduct regular stress, scenario, and penetration tests to mitigate any attack vector onto our platform. If found, our expert team proceeds to solve these issues, while continually testing our systems’ abilities to withstand load and detect intrusion.
- 2-Factor Authentication – 2FA allows you to add an extra layer of security to your account, through OTPs received on your mobile number or by enabling Google Authenticator.
- Complete Fund Safety – Only 5% of all funds are kept on hot wallets. 95% of all funds on CoinDCX are kept on multi-sig cold wallets. We keep full reserves to always facilitate immediate withdrawals.
- Vetting of Accounts – Our security team vets large withdrawals as well as works on multiple account reconciliation at every minute to ensure safety of funds on the platform
- BitGo Insurance – With the BitGo association, we have further elevated the level of security of users’ funds on our exchange. The funds are protected by BitGo’s USD 100 million insurance policy provided by Lloyd’s Insurance syndicates through Lloyd’s market place, including users’ cryptocurrencies, held on MultiSignature cold wallets on DCXLend, CoinDCX’s decentralized lending service.
After the disturbing news coming from Cashaa, one of the top players in the crypto industry, CoinDCX has sprung into action and has taken multiple measures to further safeguard all user funds.
- Wallet Tracing: Our security team has verified the wallet addresses and have confirmed no traces found in our systems for the primary address as well as other addresses where the funds eventually got moved to
- Funds Blocked: We have also blocked all funds associated with the primary address as well as other addresses where the funds eventually got moved to
- Fund Surveillance: We have also increased our surveillance on all the funds that have been transferred and aim to flag any action in this case
- Forensic Tools: With our integration with global forensic tools, we are equipped to trace all such funds that get exposed to such attacks
We would like to assure our customers that all funds remain safe at CoinDCX and we are actively cooperating with the team at Cashaa to help them in this regard. We are highly vigilant for any suspicious activity and would remain alert. In the meantime, we would also like to highlight a few safeguards that our users can follow to ensure you can secure your accounts as well,
Please follow the following guidelines:
- Set up 2 – Factor Authentication (2FA)– Setting up Two-Factor Authentication will ensure that no-one can access your CoinDCX account without gaining access to both your password and the OTP. Two-factor Authentication (2FA) is an extra layer of security for your CoinDCX account that can be utilized to ensure that you are the only person who can access your account ensure you are the only person who can perform account actions such as depositing, withdrawing, or trading. An authenticator app is usually installed on a smartphone and it generates a 6-8 digit passcode every 30 seconds. The passcode can be used for login, trading, and depositing or withdrawing funds from your account, or as a Master Key.
- Always check your browser address bar – Always make sure the URL you’re visiting is: https://coindcx.com/. If the website you’re on looks exactly like ours but is even slightly different – you could be a victim of phishing and could lose control of your account. Bookmark the URL https://coindcx.com/. Remain vigilant!
- Do not share sensitive information with anyone – While our community managers on Telegram and our support teams regularly converse with users over chat or call, no single CoinDCX employee will ask for any sensitive information from you. The most any employee will ask is your email, phone number, and Support Ticket ID.
- Use a strong password – We recommend that you use a strong password for your CoinDCX account. While we have the highest levels of cryptocurrency security for our platform, using an easy-to-guess password leaves you vulnerable to “guess-hackers”.
- Double-Check the recipient address – It is also essential that you double-check the recipient address and the amount as once its sent it cannot be retracted and is unrecoverable.
- Beware of Scammers – Many hackers will try and use fraudulent techniques to obtain sensitive information by posing as a trustworthy entity. They send convincing emails posing as a cryptocurrency exchange and acquire login details and personal passcodes using phishing/social engineering. The hackers can use this information to access your cryptocurrency wallets causing harm. Avoid this by remaining cautious.
- Phishing Scams – In a phishing scam, an attacker tries to disguise themselves as a trustworthy entity to trick you into giving them sensitive information that can be used to gain access to your devices and accounts to steal your money. Therefore, our clients must be very careful and practice good habits to avoid falling victim to these scams.
To learn steps to secure your account with Two-factor Authentication (2FA) on CoinDCX, Click here
Also read: New Improved Security Features.
CoinDCX remains committed to improving safety and security of the crypto ecosystem as a whole. We are working with the community to regularly improve the security infrastructure and will continue in our endeavor.