CoinCDX denies hack as researchers trace outflows to former hot wallets

CoinCDX, an Indian crypto exchange, denied that a wallet flagged by Arkham Intelligence is currently under its control after on-chain data showed $15.99 million in USDT and 5,783.81 TRX moved from it late on October 21. Co-founder Sumit Gupta said the addresses belonged to CoinCDX before a July 2025 breach compromised them and that hackers appeared to be reusing old wallet addresses, disputing that it indicated a new theft. The funds went to an intermediary address that was emptied, with some USDT reaching Binance hot wallets, OKX and Gate. ZachXBT said the wallet remained active as a liquidity provider and for sweeping user deposits after the 2025 exploit, and that $15.8 million in user funds was unaccounted for in proof of reserves.