CoinDCX Addresses $16 Million in Suspicious Transfers Amid Security Concerns

CoinDCX, an Indian cryptocurrency exchange, has responded to concerns regarding suspicious transfers amounting to $16 million. The exchange has denied any new security breach, asserting that the flagged transactions are linked to wallets that were compromised in July 2025. CoinDCX stated that these wallets have not been used since the incident, which they claim was isolated.

However, blockchain investigator ZachXBT has challenged CoinDCX's narrative, indicating that a deposit address associated with the exchange remained active for ten months following the July 2025 hack. This address reportedly continued to facilitate user deposits to CoinDCX's current public hot wallet while also receiving funds for transaction fees.

In response to the ongoing scrutiny, Sumit Gupta, CEO of CoinDCX, acknowledged the situation and stated that the company is investigating the matter further. He reassured users that no funds would be lost as a result of these transactions.

Clearance Granted

The situation escalated when Darcy, co-founder of the asset recovery platform FlashRescue, highlighted the $16 million in transfers from addresses believed to belong to CoinDCX. Darcy also pointed out that two addresses listed in CoinDCX's latest proof of reserves had transferred funds to a flagged Tron address.

This incident follows a significant security breach in July 2025, during which CoinDCX was reportedly drained of $44 million. At that time, the exchange emphasized that customer wallets were separate from the affected accounts and that it would cover the losses from its treasury reserves. CoinDCX has not yet responded to inquiries from Cointelegraph regarding the current situation.