CoinDCX Admits $16M Loss Just Days After CEO Denied Fresh Wallet Breach

The exchange said the loss was absorbed by the company and customer funds remained unaffected. One of India’s leading crypto trading platforms, CoinDCX, confirmed that suspicious activity detected earlier this week ultimately led to a 15.99 million USDT loss tied to wallet infrastructure compromised during a previous security incident. The admission comes only days after CEO Sumit Gupta publicly said the exchange’s wallets had not been breached and suggested the alarm could be linked to attackers reusing old addresses. The company’s official October 25 update says the team noticed unusual activity on October 21 and initially prevented any impact to its active wallet and trading infrastructure. However, they detected irregular blockchain movements shortly after and launched a deeper investigation, which determined that the activity had affected an old, deprecated operational wallet infrastructure containing previously unknown vulnerabilities. CoinDCX also discovered that an automated sweeping service had failed for some time, and deposits sent by users to one of the deprecated addresses accumulated there instead of being transferred into the exchange’s current secure wallet infrastr...