CoinDCX Responds to Allegations of $16 Million Asset Theft

On October 22, CoinDCX, a prominent cryptocurrency exchange, refuted claims circulated on the social media platform X, alleging that the exchange had suffered a theft amounting to nearly $16 million in digital assets.

Background of the Allegations

The controversy arose following a post by a user named DarcyAri on October 21, which contended that the exchange’s hot wallet was breached, resulting in the theft of approximately 15.99 million USDT and 5,783.81 TRX tokens. According to the post, the stolen tokens were transferred across multiple transactions to various addresses, some of which were reportedly linked to well-known exchanges including Binance, OKX, and Gate.

CoinDCX’s Official Statement

In a swift response, CoinDCX denied any occurrence of a hacking event. The exchange explained that the addresses implicated in the alleged theft were generated during a prior security incident in July 2025 and had since been marked as deprecated.

“Please note that depositing funds to deprecated addresses is highly risky. Exchanges do not typically take liability for such deposits made,”

CoinDCX stated, emphasizing that they had previously informed users about the necessity of using up-to-date wallet addresses.

Operational Measures and User Assurance

CoinDCX disclosed that there had been operational losses from this incident, which the exchange decided to absorb. They confirmed that all affected user deposits were credited back to their accounts, despite being deposited to deprecated wallet addresses.

The exchange reassured users regarding the safety of their funds, noting that customer assets are held in separate cold wallets, which remain unaffected by these events.

Reactions from Blockchain Investigators

The situation has drawn critical responses from blockchain investigators. Notably, ZachXBT, who previously uncovered significant security breaches, accused CoinDCX of dishonesty. He stated on X:

“Withdraw all funds from CoinDCX if you value your assets. Its co-founders are clowns running a circus. They publicly and privately denied a theft of its assets occurred meaning they straight up lied or are negligently incompetent.”

ZachXBT also criticized the exchange for failing to disclose the alleged theft initially, claiming that this was not their first incident of such nature.

Conclusion

As the situation develops, users and stakeholders remain on alert, evaluating the credibility of CoinDCX’s statements amid ongoing scrutiny over its security practices. The exchange’s commitment to transparency and user security will likely be pivotal in restoring trust within its community.