CoinDCX admits $16M USDT loss days after CEO dismissed hack alerts

CoinDCX confirmed on Oct. 25, 2026, that 15.99 million USDT had been lost from retired wallets, after CEO Sumit Gupta had dismissed breach warnings on Oct. 22 as a possible false alarm. The exchange said customers were still sending deposits to wallets retired after a July 2025 hack, and that its automated sweeping service failed for a period; it said it compensated all deposits, absorbed the loss, and kept trading and withdrawals running normally. Blockchain data firm Bitquery found the funds moved from 40 CoinDCX-linked wallets, with about 9.63 million transferred to OKX, Binance and Gate, while Tether froze 2.21 million USDT in nine wallets. CoinDCX had previously lost roughly 44 million dollars in the July 2025 hack.