CoinDCX Admits $16M Loss Just Days After CEO Denied Fresh Wallet Breach

CoinDCX confirmed in an October 25 update that a 15.99 million USDT loss came from an old, deprecated operational wallet system linked to a prior security incident. The Indian crypto exchange said it detected unusual activity on October 21, protected its active wallet and trading infrastructure, then found that an automated sweeping service had failed, allowing user deposits to accumulate in an old address. CoinDCX absorbed the loss and said customer balances were accounted for; users who mistakenly deposited to deprecated addresses were credited. The admission followed CEO Sumit Gupta’s statement days earlier, after researchers flagged roughly $16 million in suspicious transfers, that CoinDCX wallets had not been breached; he said the addresses predated a July 2025 hack.