defi ·
CoinDCX confirms $16 million loss, total losses near $60 million
The Mumbai-based exchange, CoinDCX, has confirmed a $16 million loss.
This loss stems from 15.99 million USDT being drained from wallets that the entity had retired following a major incident in 2025.
The exchange has stated it is absorbing this financial impact, while assuring that customer funds remain secure.
This recent admission contradicts a previous statement from CEO Sumit Gupta, who had dismissed breach reports as a "false alarm."
The funds were moved across the Tron network on October 21. The company attributed the incident to a failure in an internal procedure intended to clear customer deposits from those retired wallets.
This new loss compounds prior damages, bringing CoinDCX's total losses from two separate events to nearly $60 million, following a roughly $44 million hack last year.
The wallets involved in the current loss were legacy addresses from the earlier breach, which had ceased active use but continued to receive residual deposits.
Market participants noted that the initial flagging of suspicious outflows by blockchain researchers and the Arkham tracker prompted CEO Sumit Gupta to publicly state that CoinDCX’s wallets were "not breached."
This sequence of events illustrates persistent operational risks within centralized exchange infrastructure, where legacy wallet management and automated fund sweeping processes present potential attack vectors.
