Indian cryptocurrency exchange CoinDCX is facing scrutiny following reports of suspicious transfers totaling $16 million. The transactions originated from addresses previously associated with the platform, raising concerns about the security of its digital assets.
The exchange stated that the flagged transactions involved wallets created in January 2025 that were compromised during a security incident in July 2025. CoinDCX claims these specific wallets have not been utilized by the company since that time.
Blockchain investigator ZachXBT disputed the exchange's timeline. He reported that a deposit address linked to CoinDCX remained active for 10 months following the July 2025 breach, continuing to facilitate user deposits and transaction fee payments.
CEO Sumit Gupta acknowledged the ongoing investigation into the matter. He provided a public assurance that no user funds would be lost as a result of the activity, noting that the company is currently reviewing the situation.
The controversy follows a significant security event in July 2025, when CoinDCX experienced a drain of $44 million. At that time, the company stated that customer wallets were unaffected and that losses were covered by its own treasury reserves.
