CoinDCX has disclosed a $15.99 million USDT loss tied to an operational failure that left deposits accumulating in deprecated wallet infrastructure, while separately moving to reduce-only futures trading after disruption at Binance.
In an Oct. 25 update, CoinDCX said its automated sweeping service failed, causing funds to remain in retired wallet addresses. The exchange said it absorbed the loss itself and that active customer-facing systems, trading infrastructure and deposit balances were unaffected. Blockchain-data firm Bitquery reported that roughly 15.99 million USDT was drained from 40 CoinDCX-linked TRON wallets on Oct. 21, with about 15.82 million USDT originating from a single address used for accumulated deposits.
CoinDCX said the affected infrastructure had been compromised during a 2025 security incident and was deprecated afterward. It initially dismissed the wallet activity as a false alarm before later confirming the loss, according to CoinDesk.
On Oct. 30, CoinDCX announced it had temporarily placed futures trading in reduce-only mode following disruptions involving Binance, a major global liquidity provider. A spokesperson confirmed to CoinDesk that the unnamed provider was Binance. Under the measure, customers cannot open new futures positions or increase exposure, though they can reduce or close existing positions and adjust margin. Deposits and withdrawals continue operating normally.
The restriction follows Binance’s Oct. 29–30 security incident, which reportedly affected about $6.3 billion in cryptocurrency assets. Preliminary findings suggested an attacker compromised a DevOps engineer’s laptop and enabled unauthorized withdrawal transactions. Binance said no private-key leakage had been found. CoinDCX sources part of its derivatives liquidity from Binance, so the disruption affected its ability to facilitate new leveraged exposure. CoinDCX has not reported a security breach in connection with the latest restrictions or customer asset losses from the Binance incident.
