India’s top crypto exchange CoinDCX rejects hack claims after $16 million in USDT transfers reported

India’s leading crypto exchange CoinDCX rejected allegations connecting the exchange to reported transfers of approximately 16 million USDT and 5,783 TRX on Oct. 21, stating that the transactions involved previously compromised wallet addresses unrelated to its current operations.

Users’ funds are safe. ✅

Claims circulating on X regarding certain wallet addresses and transactions are misleading.

The transactions mentioned in recent claims involve old wallet addresses created in January 2025.
These addresses were compromised in July 2025 and have not…

— CoinDCX (@CoinDCX) October 22, 2026

The reported activity occurred at 23:35:54 UTC+8, when addresses identified as the exchange’s hot wallet and multiple deposit addresses transferred the assets to a TRON address, according to Darcy, an executive at blockchain security firm Salus.

The receiving address subsequently split and transferred the funds through multiple wallets, with some of the flows eventually reaching deposit addresses associated with Binance, OKX, Gate and other exchanges, according to the transaction report.

CoinDCX said the addresses were created in January 2025 and compromised in July 2025, adding that the exchange had not used them since. It described the claims about the transactions circulating on X as misleading and denied any connection between the reported activity and its operations.

The exchange said users’ funds were safe and confirmed that trading and investing continued as usual.

CoinDCX lost approximately $44 million in a July 2025 hack targeting an internal hot wallet used to provide liquidity on a partner exchange. A CoinDCX software engineer was reportedly arrested shortly afterward in connection with the investigation, but the company did not publicly establish his role.