16 million USDT moved out of a CoinDCX hot wallet, then split into multiple transfers to Binance, OKX, and Gate—the route feels so familiar it makes you uneasy.
According to an October 22 report by PANews, on-chain asset recovery account Darcy disclosed that at 23:35 on October 21 (UTC+8), CoinDCX’s hot wallet and several deposit addresses transferred approximately 15.99 million USDT and 5,783 TRX to a TRON address. The largest single transfer was nearly 15.82 million USDT. The address then split the funds into multiple transfers and sent them in batches to deposit addresses at exchanges including Binance, OKX, and Gate.
CoinDCX co-founder Sumit Gupta responded that these addresses were generated in January 2025 and misused in the July 2025 hack, and that the hacker appears to be reusing old wallet addresses. The platform has checked all of its current centralized addresses and user addresses, and no funds have been sent to those old addresses.
Observation 1: If a chain reaction of withdrawals or repayment pressure emerges, the impact could spread beyond confidence in the platform to other assets listed on CoinDCX. Observation 2: At around $16 million, the direct impact on overall market liquidity is limited, while the price dynamics of USDT and TRX themselves are close to neutral.
Which concerns you more: the on-chain trail of funds being split across exchanges, or the platform’s explanation that old addresses were misused?
Source: PANews
Image 1: CoinDCX suspected of losing around 16 million USDT, with funds split among multiple exchanges · Key News
Image source: https://www.panewslab.com/zh/articles/01a16221-d1fa-7708-a6ef-cbbb94b3ecb2
According to an October 22 report by PANews, on-chain asset recovery account Darcy disclosed that at 23:35 on October 21 (UTC+8), CoinDCX’s hot wallet and several deposit addresses transferred approximately 15.99 million USDT and 5,783 TRX to a TRON address. The largest single transfer was nearly 15.82 million USDT. The address then split the funds into multiple transfers and sent them in batches to deposit addresses at exchanges including Binance, OKX, and Gate.
CoinDCX co-founder Sumit Gupta responded that these addresses were generated in January 2025 and misused in the July 2025 hack, and that the hacker appears to be reusing old wallet addresses. The platform has checked all of its current centralized addresses and user addresses, and no funds have been sent to those old addresses.
Observation 1: If a chain reaction of withdrawals or repayment pressure emerges, the impact could spread beyond confidence in the platform to other assets listed on CoinDCX. Observation 2: At around $16 million, the direct impact on overall market liquidity is limited, while the price dynamics of USDT and TRX themselves are close to neutral.
Which concerns you more: the on-chain trail of funds being split across exchanges, or the platform’s explanation that old addresses were misused?
Source: PANews
Image 1: CoinDCX suspected of losing around 16 million USDT, with funds split among multiple exchanges · Key News
Image source: https://www.panewslab.com/zh/articles/01a16221-d1fa-7708-a6ef-cbbb94b3ecb2