sumitgupta

#CoinDCX confirms $16 million theft after initially dismissing reports

Indian cryptocurrency exchange CoinDCX has confirmed the loss of 15.99 million USDT following a breach involving wallets that were deactivated after the July 2025 hack. The admission came three days after investigator #blockchain #zachxbt publicly raised the alarm about the alleged theft.

Co-founder and CEO #SumitGupta initially dismissed the reports on #X as rumors, but the exchange later changed its position. CoinDCX explained that some users continued sending deposits to old wallet addresses after the July incident, and an automated system designed to transfer those funds to secure storage failed, leaving the assets exposed and eventually drained by attackers.

The exchange said that users' funds are not at risk and that the loss will be covered by the company's reserve funds. The incident highlights the ongoing operational risks associated with wallet migration procedures after a security breach, especially when old addresses remain partially active.