CoinDCX’s $16 million loss revives uncomfortable memories of FTX and Celsius

CoinDCX confirmed a loss of roughly $16 million USDT three days after its CEO, Sumit Gupta, disputed reports of a new wallet breach, calling them a false alarm. It had acknowledged unspecified operational losses from a failed sweeping process on the afternoon of Oct. 22, so the reversal came in two steps, and the full figure arrived Oct. 25. CoinDCX says it absorbed the loss and that customer balances were unaffected. The sequence, confident public reassurance followed by a confirmed problem, recalls four 2022 collapses whose executives' statements were later tested in court. CoinDCX's Oct. 25 incident update says it spotted unusual activity on Oct. 21 and learned of irregular fund movements through blockchain data and community reports the next day.

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