CoinDCX admits $16M USDT loss days after CEO dismissed hack alerts

On October 25, 2026, CoinDCX confirmed that it lost 15.99 million USDT from retired wallets. Before that, on October 22, CEO Sumit Gupta had dismissed the breach warnings as just a possible “false alarm.” The turnaround brings into doubt how the exchange kept track of those wallets and conveyed information to its customers. A sweeping failure the exchange says it absorbed In a post , CoinDCX said that customers were still sending deposits to wallets that were retired due to the hack in July 2025. The platform’s automated sweeping service was supposed to transfer those deposits into active wallets. However, according to the exchange, it “had failed for a particular period.” The exchange claimed to have compensated all deposits and taken the hit. Trading and withdrawals proceeded as normal.

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