CoinDCX Denies Hack After $16 Million in Outgoing Transactions
Blockchain researchers spotted $16 million in outgoing transactions, but CoinDCX says they came from old deposit addresses that were taken out of use after the July 2025 attack.
Key Takeaways
- CoinDCX denies that active wallets were hacked after reports of about $16 million in suspicious outgoing transactions.
- According to the company, the transactions went through old wallet addresses that were taken out of use after the July 2025 attack.
- CoinDCX says some users were still depositing to old deposit addresses and that affected users were credited.
CoinDCX denies that its active wallets were hacked after blockchain researchers saw about $16 million (€14.3 million) in suspicious outgoing transactions from addresses linked to the Indian crypto exchange. According to the company, these were old wallet addresses that were created back in January 2025 and retired after an earlier attack in July 2025.
Old Addresses Back in the Spotlight
The report started when a user on X shared a large outflow from CoinDCX’s hot wallet and multiple deposit addresses. According to that analysis, it involved about $16 million (€14.3 million) in USDT and TRX, with one transaction accounting for 15,819,002 USDT. After that, the amount was spread across multiple wallets.
CoinDCX says these addresses were no longer in use by the company. The spokesperson said the current main and user addresses were not affected and that no funds were taken from active wallets. CEO Sumit Gupta also called the report on X a false alarm and pointed out that the old addresses were taken out of use after the July 2025 attack.
What CoinDCX Says Went Wrong
The exchange says some users still kept depositing funds into old deposit addresses. Normally, those deposits are moved through a sweep into wallets controlled by the exchange itself. According to CoinDCX, that process temporarily did not work properly, after which the company credited all affected users.
That explanation fits into the broader aftermath of the July 2025 attack, when CoinDCX reportedly lost about $44 million (€39.3 million). The company now says the old addresses have since been deactivated and marked as deprecated.
Why This Matters
For European crypto followers, this case shows how big the difference can be between an attack on old addresses and a compromise of active wallets. On exchanges, a lot of security comes down to properly managing deposit addresses, hot wallets, and cold wallets, because otherwise users can still send funds to addresses that are no longer safe or current. The CoinDCX debate also highlights how important on-chain research is when judging these kinds of reports. That is similar to how researchers are increasingly looking at key management and operational mistakes, rather than just smart contracts, in the major hacks of 2026.
