Indian crypto exchange CoinDCX has publicly acknowledged a loss of approximately $16 million due to an attack on its wallet infrastructure. This admission comes just days after the company's co-founder insisted that initial reports of a breach were a "false alarm." What happened In a recent blog post, CoinDCX explained that 15.99 million USDT was drained from its wallets. The company has stated that it absorbed the loss, ensuring that customer funds remain safe. The incident occurred on October 21 , with the funds moving on the Tron network . CoinDCX traced the breach back to a failure in an internal process designed to sweep customer deposits from wallets that had been retired after a larger hack in July 2025 . The situation became complicated when blockchain researchers and the Arkham tracker flagged suspicious outflows of about $16 million . CEO Sumit Gupta initially refuted these claims on X, stating that CoinDCX's wallets were secure and that the flagged addresses had been compromised in the past. However, on-chain investigator ZachXBT challenged this narrative, noting that the wallet in question had been actively receiving deposits until recently. The aftermath This recent loss adds to CoinDCX's troubled history. The exchange previously suffered a $44 million hack in July 2025 , which it attributed to a server breach. Together, these incidents have resulted in total losses nearing $60 million for the exchange. The wallets involved in the latest breach were remnants of the earlier hack, which had continued to receive deposits due to an automated transfer system's failure. CoinDCX has faced additional challenges this year, including fraud allegations that led to police investigations and speculation about acquisition talks with Coinbase . The exchange has committed to sharing more details as its investigation progresses, reiterating that user balances remain unaffected. For more details, you can read the full article at the source. This article is not financial advice. Always do your own research before making decisions about your money. Read the full article