CoinDCX denies new hack following $16M suspicious wallet transfers

Indian cryptocurrency exchange CoinDCX has denied reports of a new security breach after on-chain analysts flagged suspicious transfers totaling approximately $16 million. The movement involved USDT and TRX from wallets previously linked to the exchange.

CoinDCX co-founder Sumit Gupta stated that the flagged addresses were compromised during a previous hack in July 2025 and are no longer under the company’s control, suggesting the activity may be a false alarm caused by hackers reusing old addresses. However, blockchain investigator ZachXBT challenged this claim, noting that the addresses appeared to remain active in DeFi protocols and continued to receive user deposits and gas fees for months following the 2025 incident.

Additional reports from the asset recovery platform FlashRescue indicated that certain addresses listed in CoinDCX’s recent proof of reserves had transferred funds to the flagged Tron address. CoinDCX has stated it is investigating the matter further and assured users that no funds would be lost. The exchange previously suffered a $44 million exploit in July 2025.