India's largest crypto exchange absorbs $16 million loss from internal process failure tied to retired wallet

CoinDCX, India’s largest crypto exchange by trading volumes, says it has absorbed a $16 million loss after an internal process failed to move customer deposits out of a retired wallet. It all started last week, when blockchain sleuths flagged about $16 million in suspicious outflows from wallets linked to the Mumbai-based exchange. CoinDCX was quick to dismiss the reports, with CEO Sumit Gupta calling it a false alarm on X. A spokesperson told CoinDesk that the addresses cited by the sleuths were old ones, created in January 2025 and compromised in the July 2025 hack, which cost the exchange about $44 million, and that CoinDCX had not used them since. In essence, the exchange said the activity did not have any connection with CoinDCX.

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