CoinDCX Confirms 16 Million Dollar Loss After False Alarm Claims

Indian crypto exchange CoinDCX has confirmed a loss of approximately 16 million dollars due to an attack on its wallet infrastructure, contradicting earlier statements from its co-founder who labeled breach reports as a 'false alarm.' The exchange reported that 15.99 million USDT was drained and assured that customer funds remain safe. The incident occurred on the Tron network on October 21, linked to a failure in an internal process designed to manage customer deposits from retired wallets following a larger hack in July 2025. CEO Sumit Gupta initially dismissed concerns about the breach, claiming the flagged addresses had been compromised in July 2025. However, on-chain investigator ZachXBT challenged this, stating that the wallet had been actively receiving deposits as recently as April and May, urging customers to withdraw their assets. This loss adds to CoinDCX's previous struggles, including a 44 million dollar hack in July 2025 attributed to a server breach, bringing total losses to nearly 60 million dollars. The retired wallets involved in the latest incident were remnants of the earlier breach, which continued to receive deposits due to a failure in the automated transfer system. CoinDCX stated it would provide further updates as its investigation progresses, reaffirming that user balances are unaffected.

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