CoinDCX has temporarily shifted its futures market to Reduce-Only mode, preventing users from opening new positions or increasing existing long and short exposure. The Indian exchange said traders can still reduce or close positions and adjust margin, while deposits and withdrawals continue to operate normally and customer funds remain safe.
The precaution came after Binance disclosed a security incident with an estimated impact of $6.3 billion. Preliminary findings pointed to a compromised DevOps engineer’s laptop that enabled unauthorized withdrawal transactions, though Binance said there was no evidence that private keys leaked.
CoinDCX relies on Binance as an important external liquidity source for derivatives, aggregating liquidity from major global venues and streaming Binance order-book data for USDT-margined perpetuals. That dependency meant impaired liquidity at Binance reduced available risk capacity on CoinDCX, even though CoinDCX itself was not breached.
The exchange’s combined spot and futures volume over the preceding 24 hours was just above $1 million, much smaller than the largest global derivatives venues. CoinDCX did not provide a timetable for restoring unrestricted futures trading.
