DECRYPT · 2026-10-26 16:36 UTC

India's CoinDCX Confirms $16 Million Loss Days After CEO Called It a 'False Alarm'

CoinDCX admitted to a $16 million loss in USDT drained from its wallet infrastructure on the Tron network on Oct. 21, reversing CEO Sumit Gupta's earlier claim it was a 'false alarm.' The breach traced to a failure in an internal process meant to sweep customer deposits out of retired wallets following a larger $44 million hack in July 2025. On-chain investigator ZachXBT disputed the exchange's timeline, noting the compromised wallet was still receiving deposits as recently as April and May, and urged customers to withdraw funds.

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