India, July 22 -- It was around 9 PM in India on July 19 (Saturday) when blockchain investigator ZachXBT took to social media about unusual outbound transfers involving wallet addresses associated with crypto exchange CoinDCX.

"Looks like the India centralised exchange 'CoinDCX' was likely drained for ~$44.2 Mn almost 17 hours ago and has yet to disclose the incident to the community," he said in a message to his Telegram community.

Someone was moving large volumes of Tether (USDT) and Solana (SOL) from CoinDCX-linked wallets via the Jupiter aggregator on Solana. These were then bridged to Ethereum via Wormhole routes, and later deposited into newly created Ethereum wallets.

Cryptocurrencies worth around $44.2 Mn (about INR 378 Cr), di...