Indian crypto exchange CoinDCX confirmed a loss of approximately $16 million after attackers drained deposit wallets. The incident, reported on October 21, 2026, involved the theft of 15.99 million USDT and 5,784 TRX from 40 TRON addresses.
The exchange attributed the breach to a failure in its automated sweeping service, which continued to direct user deposits to addresses intended to be retired following a 2025 hack. CoinDCX stated that it covered the losses from internal reserves and that trading operations remained unaffected.
Tether intervened on October 22, 2026, by freezing approximately $2.21 million in USDT associated with the incident. Despite this recovery, the exchange remains responsible for the majority of the financial impact.
On-chain analysts, including ZachXBT and Bitquery, reported that at least one of the compromised addresses had remained active and connected to the exchange's hot wallet for months after the 2025 breach, which resulted in a loss of $44 million.
