CoinDCX Denies $16 Million Hack, Tracing Flagged Wallets to Its 2025 Breach

CoinDCX co-founder Sumit Gupta has denied a fresh breach at the Indian crypto exchange. A security researcher had flagged about $15.99 million in Tether (USDT) moving out of wallets tagged to the platform.

Gupta said the addresses belonged to CoinDCX before its July 2025 hack and were compromised in that attack. He described the latest alert as a likely false alarm.

A $15.8 Million Transfer Sets Off the Alarm

Darcy, chief marketing officer at security firm Salus, raised the alert on X on October 22.

According to the post, CoinDCX’s reported hot wallet and several deposit addresses sent funds to a single TRON address late on October 21 (UTC+8). The outflow totaled roughly 15.99 million USDT and 5,783.81 TRON (TRX).

The largest single transfer moved about 15.82 million USDT. The receiving address then split the money across multiple wallets.

After several rounds of splitting, the funds reached deposit addresses on Binance, OKX, Gate, and other exchanges, Darcy said.

However, CoinDCX’s leadership disputed that any of those wallets still belonged to the exchange.

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CoinDCX Traces the Flagged Wallets to Last Year’s Breach

Gupta replied to Darcy’s post less than three hours after it went live. 

“Thanks for highlighting but this is incorrect and CoinDCX wallets are not breached. Pls don’t spread rumours,” he said.

He explained that Arkham had tagged the addresses to CoinDCX. However, the exchange generated them in January 2025, and they were compromised during the July 2025 attack.

In Gupta’s view, the hackers appear to be reusing those old addresses. He added that the team checked every current central and user address on the exchange.

None of them had sent funds to the flagged addresses, he said. Gupta also noted that all CoinDCX addresses are public on its proof-of-reserves (PoR) page.

The earlier breach cost CoinDCX about $44.2 million in July 2025. At the time, Gupta said attackers hit an internal wallet used for liquidity on a partner exchange, and customer funds stayed safe.

Meanwhile, CoinDCX is still investigating. Gupta said the exchange’s official accounts will share more details soon.

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