CoinDCX Refutes $16 Million Hack Claims, Links Transfers to Previous Breach
CoinDCX, a leading cryptocurrency exchange in India, has firmly denied claims of a new hack involving approximately $16 million in Tether (USDT) transfers. The allegations arose after a security researcher highlighted suspicious transactions linked to the exchange's wallets.
On October 22, a post by Darcy, a chief marketing officer at the security firm Salus, reported a significant outflow of funds from addresses associated with CoinDCX. The transactions included nearly 15.99 million USDT and 5,783 TRON (TRX), with the largest single transfer amounting to about 15.82 million USDT. The receiving address subsequently redistributed the funds across multiple wallets, some of which were connected to exchanges like Binance and OKX.
In response, CoinDCX co-founder Sumit Gupta clarified that the flagged wallet addresses were created in January 2025 and had been compromised during a hack in July 2025. He emphasized that these addresses have not been used since the breach and that current user funds remain secure. Gupta urged caution against spreading misinformation, stating that the exchange's operations were unaffected and trading continued as normal.
CoinDCX suffered a substantial loss of approximately $44 million in the July 2025 incident, which targeted an internal wallet used for liquidity on a partner exchange. The exchange is currently investigating the situation and plans to provide further updates through its official channels.
Updated 11:32 UTC
Latest Developments on CoinDCX
On October 21-22, 2026, on-chain analysts detected approximately $15.99 million in USDT and 5,784 TRX moving from wallets associated with CoinDCX, India's largest crypto exchange. These transactions were first highlighted by Arkham Intelligence, revealing funds leaving addresses identified as CoinDCX deposit and hot wallets on the Tron network.
CoinDCX co-founder Sumit Gupta quickly denied any breach or impact on users, stating that the wallets in question were created in January 2025 and were compromised during a July 2025 incident where the exchange lost $44 million from an internal liquidity wallet. Gupta assured users that their funds remain secure and that trading services continue without interruption.
However, blockchain investigator ZachXBT raised concerns, noting that at least one flagged address continued to receive user deposits and gas fees until April-May 2026, suggesting that users may have unknowingly sent deposits to a compromised address. This raises questions about the accountability of those deposits.
The July 2025 hack, which cost CoinDCX $44 million, was absorbed from an internal wallet, not customer balances. The current situation highlights the need for transparent accounting to clarify why a supposedly inactive address was still receiving transactions.
Furthermore, the fragmented funds were traced to centralized exchanges like Binance, OKX, and Gate.io, which could play a crucial role in whether the funds are recoverable.
FAQ
What recent claims did CoinDCX deny?
CoinDCX denied claims of a new hack involving approximately $16 million in Tether (USDT) transfers.
What triggered the allegations against CoinDCX?
The allegations arose after a security researcher reported suspicious transactions linked to the exchange's wallets.
What did CoinDCX co-founder Sumit Gupta say about the flagged wallet addresses?
Sumit Gupta clarified that the flagged wallet addresses were created in January 2025 and had been compromised during a hack in July 2025, and that they have not been used since the breach.
How much did CoinDCX lose in the July 2025 hack?
CoinDCX suffered a substantial loss of approximately $44 million in the July 2025 incident.
What is CoinDCX's current status following the allegations?
CoinDCX stated that its operations were unaffected, trading continued as normal, and they are investigating the situation while planning to provide further updates.
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