THE BLOCK · 2026-10-25 18:46 UTC

CoinDCX confirms $16 million loss from retired wallets days after CEO called breach reports a 'false alarm'

CoinDCX confirmed a $16 million loss of USDT from deprecated wallet infrastructure after an automated sweeping system failed, absorbing the loss on behalf of users. CEO Sumit Gupta had called initial breach reports a 'false alarm' on Wednesday before the exchange admitted the loss on Sunday. Onchain analyst ZachXBT disputed CoinDCX's denials, noting the wallets were still in use for deposits as recently as April-May 2026, and advised users to withdraw funds.

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