CoinDCX confirms $16 million loss from retired wallets after initially dismissing breach
Mumbai-based cryptocurrency exchange CoinDCX has confirmed the loss of 15.99 million USDT from legacy wallets retired after a 2025 breach, days after its chief executive called reports of the incident a false alarm.
CoinDCX has confirmed that 15.99 million USDT, or roughly $16 million, was drained from wallets tied to its older infrastructure. The Mumbai-based exchange stated that it will absorb the entire loss and maintained that active user funds remain safe. Combined with an earlier $44 million incident in July 2025, the latest theft pushes total losses linked to the platform's wallet breaches to nearly $60 million.[1][2][4][5][7]
The affected addresses had been classified as retired following the July 2025 hack. However, an automated sweeping process failed, permitting incoming customer deposits to pile up inside the compromised addresses instead of being moved out to active systems.[2][4][5][6]
The admission followed sharp scrutiny of the exchange's initial communication. CEO Sumit Gupta had told X users on Wednesday that early reports of suspicious outflows sounded like a false alarm. That denial was challenged by on-chain investigator ZachXBT, who revealed that a retired wallet had continued sweeping user deposits into the live hot wallet until May, and subsequently urged CoinDCX customers to withdraw their funds.[3][5][6][8]
Key facts
- CoinDCX confirmed that 15.99 million USDT (approximately $16 million) was drained from retired wallets.
- The affected wallets were compromised in a July 2025 hack that previously resulted in a $44 million loss.
- A failure in CoinDCX's automated sweeping service allowed customer deposits to accumulate in the retired wallets.
- CoinDCX CEO Sumit Gupta had previously dismissed reports of the breach as a false alarm.
- CoinDCX stated it will absorb the $16 million loss and that active user funds are safe.
- Combined losses across the two incidents total nearly $60 million.
- On-chain researcher ZachXBT disputed the platform's initial statements and encouraged customers to withdraw their funds.
Sources · 8 sources
- CO
Cointelegraph@CointelegraphPost on X ·
🚨 REKT: CoinDCX now confirms a $15.99M loss from old wallets it said were retired after last year's hack. https://t.co/lBDa8L3CoY
Open source - CO
CoindeskArticle ·
India's largest crypto exchange absorbs $16 million loss from internal process failure tied to retired wallet The Mumbai-based exchange initially dismissed reports of suspicious outflows as a false alarm. It now says it lost $16 million and will absorb the loss.
Open source - KO
kook@KookCapitalLLCPost on X ·
coindcx called the hack claims misleading now they confirm $15.99m is gone..... zachxbt showed one of their retired wallets was still sweeping user deposits into the live hot wallet until may coindcx says it covered the loss but deny first, admit later is a red flag i wouldnt keep money on there
Open source - CO
CoinDesk@CoinDeskPost on X ·
LATEST: @CoinDCX confirms $16M loss after its sweeping process failed to move customer deposits out of a wallet compromised in its July 2025 hack, with the exchange absorbing the cost while insisting active user funds remain safe. https://t.co/Atk1dEApDd
Open source - CB
Coin Bureau@coinbureauPost on X ·
⚡️UPDATE: Indian crypto exchange CoinDCX confirms a $16 MILLION theft just days after its CEO dismissed breach reports as a "false alarm." The exchange says user deposits accumulated in vulnerable wallets retired after its $44 MILLION hack in July 2025 when an automated fund-transfer system failed. The admission brings losses from the two incidents to nearly $60 MILLION. CoinDCX says it will cover the latest loss and that user funds remain safe. Onchain investigator ZachXBT, who challenged the initial denials, has urged customers to withdraw their assets.
Open source - TB
The Block@TheBlockCoPost on X ·
THE BLOCK: Indian crypto exchange CoinDCX admits it lost $16M from old wallets compromised in its July 2025 hack after a failed sweeping service let user deposits pile up there. Its CEO had called breach reports "a false alarm" on Wednesday. CoinDCX says it absorbed the loss. https://t.co/uGgIgLNzCW
Open source - DE
DecryptArticle ·
India’s CoinDCX Confirms $16 Million Loss Days After CEO Called It a ‘False Alarm’ The Mumbai-based exchange says 15.99 million USDT was drained from wallets it retired after last year’s $44 million hack, bringing its combined losses to nearly $60 million—and it’s absorbing the hit.
Open source - TB
The BlockArticle ·
CoinDCX confirms $16 million loss from retired wallets days after CEO called breach reports a ‘false alarm’ CEO Sumit Gupta had told X users on Wednesday that early reports of a breach sounded like "a false alarm."
Open source