CoinDCX Rejects $16M Hack Claim, Traces Funds to Earlier 2025 Breach

Sumit Gupta, co-founder of CoinDCX, has pushed back against the suggestion that the Indian crypto exchange suffered a new breach, following a security researcher's report that roughly $15.99 million in Tether (USDT) had moved out of wallets linked to the platform.

Gupta said those addresses were CoinDCX's prior to the July 2025 hack and had been compromised in that incident, making the latest warning likely a false alarm.

$15.8M Transfer Lights Up the Radar

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

The post said money flowed out of CoinDCX's listed hot wallet and several deposit addresses into one TRON address late on October 21 (UTC+8). In total, the transfers came to about 15.99 million USDT and 5,783.81 TRON (TRX).

A single transaction stood out at roughly 15.82 million USDT, and the address that received it then spread the tokens across many wallets.

Darcy noted that after multiple rounds of splitting, the funds showed up at deposit addresses on Binance, OKX, Gate and other exchanges.

The company's leadership countered that none of the wallets were still CoinDCX's.

CoinDCX Ties Flagged Wallets to Its 2025 Hack

Gupta responded to Darcy's post in under three hours.

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

He said Arkham had attached the addresses to CoinDCX, though the exchange generated them in January 2025 and they were exposed during the July 2025 attack.

In his view, the hackers appear to be reusing those older addresses. He added that the team reviewed every current central and user wallet on the exchange.

None of those wallets had sent funds to the flagged addresses, Gupta said, and all CoinDCX addresses appear publicly on its proof-of-reserves (PoR) page.

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

Gupta said the exchange is still investigating and that more details will come from its official accounts soon.