CoinDCX Confirms $16 Million USDT Loss, Reversing CEO's "False Alarm" Claim

Indian crypto exchange CoinDCX has admitted losing about $16 million in an attack on its wallet infrastructure, days after co-founder Sumit Gupta dismissed reports of a breach as a "false alarm." The Mumbai-based exchange said 15.99 million USDT was drained on the Tron network on Oct. 21 and that it absorbed the loss, stressing customer funds remain safe. CoinDCX traced the incident to a failure in an internal process designed to sweep customer deposits out of wallets retired after a larger hack last year. Blockchain investigator ZachXBT disputed Gupta's earlier claim on X that flagged addresses were compromised in July 2025, noting the wallet had kept sweeping user deposits into CoinDCX's current hot wallet as recently as April and May, and urged customers to withdraw assets. The loss compounds a turbulent stretch for one of India's largest exchanges. CoinDCX suffered a roughly $44 million hack in July 2025 blamed on a server breach, bringing total losses to nearly $60 million.