CoinDCX Denies New $16M Hack as On-Chain Investigator Questions Wallet Activity
CoinDCX co-founder Sumit Gupta said Tuesday that flagged wallet transfers totaling nearly $16 million involved addresses compromised in July 2025, not current company funds. On-chain investigator ZachXBT has questioned the exchange's account of the suspicious activity.
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The Flagged Transfers
Blockchain investigator ZachXBT identified wallet activity involving approximately $16 million in cryptocurrency transfers tied to CoinDCX. The Indian exchange's co-founder Sumit Gupta responded in an October 22 statement, asserting that no funds from CoinDCX's active wallets were involved in the transfers.
CoinDCX's Explanation vs. On-Chain Questions
Gupta attributed the flagged addresses to a breach that occurred in July 2025, suggesting the accounts in question had been compromised months before the recent transfers surfaced. ZachXBT has challenged this account, questioning whether the wallet activity aligns with CoinDCX's public explanation. The investigator has not publicly detailed which specific claims he disputes, but the disagreement hinges on whether the transfers genuinely involved old compromised addresses or whether they represent a new security incident affecting current CoinDCX operations.
Context
CoinDCX is one of India's largest cryptocurrency exchanges. If confirmed as a fresh breach, it would represent a significant security lapse; if the July 2025 compromise explanation holds, it would reflect activity from a known historical incident rather than a new vulnerability.
Why It Matters
For Traders
CoinDCX's trading pairs and liquidity remain subject to user confidence; unresolved questions about the exchange's security posture may influence withdrawal and trading activity over the near term.
For Investors
A second major breach at a top-tier regional exchange signals persistent operational risk in the Indian crypto ecosystem and raises questions about CoinDCX's incident response and wallet management protocols.
For Builders
Repeated security incidents at established exchanges may accelerate demand for self-custody infrastructure and decentralized trading solutions among users in markets where CoinDCX is a primary on-ramp.
This article is for information only and is not financial advice. Read the full disclaimer.
