Indian cryptocurrency exchange CoinDCX is pushing back against claims of a new security breach after on-chain researchers flagged suspicious outflows totaling more than $15 million from a wallet previously linked to the platform. The exchange attributes the activity to addresses that were compromised in July 2025, rather than a fresh attack on current operations.
According to Cointelegraph, CoinDCX denied the new breach on October 22, 2026, stating that recent wallet movements have no connection to the exchange. The clarification follows blockchain monitoring that showed unusual transactions late on October 21 involving $15.99 million in USDT and 5,783.81 TRX. The funds were moved to an intermediary address before portions reached Binance hot wallets, OKX, and Gate.
CoinDCX co-founder Sumit Gupta addressed the situation on X, saying the addresses tagged by Arkham Intelligence 'used to belong to CoinDCX before the last year hack ie July 2025.' He added that the hackers 'seem to be re-using the old wallet addresses and this sounds like a false alarm.'
However, on-chain researcher ZachXBT presented a more concerning picture. ZachXBT noted that the wallet remained active long after the 2025 exploit, serving as a liquidity provider and sweeping user deposits. The researcher also said CoinDCX still needs to account for approximately $15.8 million in user funds not covered by a transparent proof of reserves. The exchange was previously hacked in 2025 for up to $44 million and has been flagged as an exchange used in fraud laundering.
The incident raises questions about CoinDCX's security practices and whether deposits continued flowing into compromised addresses months after the original breach. CoinDCX remains a relatively small exchange, with daily volume of about $1.15 million. Because most of the moved funds were in USDT, freezing or recovery could be possible if CoinDCX confirms the exploit and works with Tether and the receiving exchanges.
