CoinDCX warned users about phishing emails and fake notifications that impersonate the exchange and direct users to external links.
CoinDCX disclosed a $15.99 million loss after an automated fund-sweeping failure left deposits in old, compromised wallet infrastructure.
The exchange said it would absorb the loss and that customer balances, active wallets and trading were unaffected.
Crypto exchange CoinDCX is facing increased scrutiny after warning users about a phishing campaign involving fake notifications and emails that impersonate the company and direct recipients to external links. The warning comes a day after the exchange disclosed a $15.99 million loss linked to a failure in its process for moving deposits out of old, compromised wallet addresses.
The crypto exchange said other cryptocurrency exchanges have also seen similar activity, and CoinDCX is working with them to investigate. Users should be cautious about messages claiming to come from the exchange, particularly those asking them to follow unfamiliar links or provide account information.
JUST IN: Crypto exchange CoinDCX warns of an ongoing phishing campaign involving fake notifications and emails impersonating the exchange and directing users to external links. CoinDCX says other crypto exchanges have reported similar activity and that it is working with them to investigate. #CoinDCX #CryptoExchange #Security
— TheNewsCrypto (@The_NewsCrypto) October 27, 2026
The reported new warning comes amid questions about the handling of deposits sent to wallet addresses that CoinDCX had discontinued following a security incident in July 2025.
CoinDCX Says Failed Sweeping Process Led to $15.99M Loss
In its update published on October 25, CoinDCX said it had identified unusual activity affecting wallet infrastructure that was compromised during a security incident in July 2025. The exchange said an automated fund-sweeping service had failed for a period, allowing deposits sent to old addresses to accumulate rather than move to its primary wallets.
CoinDCX confirmed that the failure resulted in a loss of 15.99 million USDT, worth approximately $16 million, which the company said it absorbed.
The exchange explained that some users continued depositing cryptocurrency into the inactive addresses despite being advised to use updated deposit addresses available through its app and website. CoinDCX said affected users’ portfolios were credited when deposits arrived, while a separate process was supposed to transfer the funds into its primary wallets.
The company maintained that customer balances remained accounted for, active wallets were unaffected and trading, deposits and withdrawals continued without interruption. It also said customer assets remained in segregated cold wallets.
The loss disclosure followed CoinDCX’s initial denial of claims that its active wallets had suffered a new breach. Blockchain investigators had highlighted suspicious transfers involving approximately $16 million in USDT, prompting questions about activity connected to the old addresses.
CoinDCX has separately advised users to rely on its official communication channels and verify deposit addresses through its app or website. Until the latest phishing notice can be confirmed through a dated primary-source announcement, its specific claims about coordination with other exchanges remain unverified.