CoinDCX says it wasn't hacked, blames broken clean up job for $16 million outflow - CoinDesk
India's largest crypto exchange CoinDCX denied that its active wallets were compromised after blockchain investigators flagged about $16 million in suspicious outflows from addresses linked to the exchange.
The exchange clarified that the transactions involved addresses compromised in a July 2025 hack, which have not been used by CoinDCX since. "Current CoinDCX central and user addresses have not been impacted, and no CoinDCX funds from active wallets have been compromised," the exchange's spokesperson told CoinDesk.
Suspicious Outflows
The situation began when an X user named Darcy highlighted a large outflow from CoinDCX's hot wallet and several of its deposit addresses on Wednesday. The total amounted to about $16 million in USDT, a dollar-pegged stablecoin, and Tron's TRX token.
Every user receives a personal deposit address, a unique string of characters to send crypto to. The exchange regularly "sweeps" these deposits, moving them into its main wallets. Some funds go to a hot wallet for everyday withdrawals, while the rest goes to cold wallets kept offline.
In this case, all the funds were sent to a single Tron address, with the largest transaction at 15,819,002 USDT. That address then split the money across several different wallets.
Exchange's Explanation
The transactions mentioned in recent claims involve old wallet addresses created in January 2025. These addresses were compromised in July 2025 and have not been used by CoinDCX since. The activity now being reported relates to these old addresses and does not have any connection with CoinDCX.
CoinDCX's CEO Sumit Gupta pushed back on X, stating that the July 2025 hackers appear to be reusing the old wallet addresses. The exchange maintains that these addresses were abandoned after the hack and that the hackers are the ones still using them.
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