Add as a preferred source on GoogleCoinDCX Confirms About $16 Million Loss After Wallet-Sweep Failure
The exchange said it would absorb the loss and that customer funds and routine services were unaffected.
CoinDCX acknowledged a loss of about $16 million after an automated wallet-sweeping failure left 15.99 million Tether (USDT) in legacy addresses, reversing the exchange CEO’s earlier dismissal of breach claims.
The exchange said its automated system stopped moving funds out of deposit wallets for a limited period. That left customer deposits in older wallet addresses, where an attacker took the funds. CoinDCX described the old wallets as carrying an unknown vulnerability. The company said it would cover the full loss.
CoinDCX co-founder and CEO Sumit Gupta initially rejected reports of a wallet breach and described them as a false alarm. He later said CoinDCX was investigating, before the exchange disclosed the amount of the loss.
CoinDCX said customer funds remained safe in segregated cold wallets and routine trading, deposits and withdrawals continued throughout the incident.
CoinDCX also lost about $44 million in a separate server intrusion in July 2025. Gupta attributed that earlier attack to a server leak.
Simon Yoon
ReporterSimon Yoon reports on blockchain technology for TokenPost. Send corrections or tips to info@tokenpost.com.