Crypto security: Keep assets in self-custody, use insured exchange

Those holding crypto keys in a cold wallet must store seed phrases offline in a secure location

Crypto exchange CoinDCX has recently confirmed that $44.2 million (approximately ₹ 387 crore) was stolen from one of its internal hot wallets. Customer wallets were not affected. This marks the second-largest breach of an Indian crypto exchange, after the $235 million hack suffered by WazirX in 2024. Indian investors, who are joining the crypto investment bandwagon in large numbers, should be extremely cautious on the security front.

 

“Customers must assess their personal exposure. They must understand how their assets are stored, the risk controls that are in place, and whether the platform offers transparency on wallet management,” says Himanshu Maradiya,