CoinDCX rejects fresh hack allegations amid questions over TRON transactions

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CoinDCX denies $15.8 million hack

Highlights

CoinDCX denies a new $15.8 million security breach.
ZachXBT disputes claims about inactive wallets.
Customer losses remain independently unconfirmed.

CoinDCX said on October 22 that the disputed addresses were compromised during its July 2025 security incident and are no longer part of its active infrastructure, Crypto.News reports. The company maintains that customer assets remain secure, while independent confirmation of a new breach or financial losses is still lacking.

Suspicious transfers trigger fresh allegations

The controversy began after blockchain investigator Darcy identified unusual activity involving approximately 15.99 million USDT and 5,783.81 TRX on the TRON network. Transactions flagged on October 21 included a transfer of 15,819,002 USDT to an external address, followed by movements through several other wallets.

Darcy suggested that portions of the funds eventually reached addresses associated with Binance, OKX, and Gate. However, blockchain transaction records alone cannot establish whether the transfers were unauthorized or identify the ultimate owners of the receiving wallets. No independent investigation has confirmed that the activity represents another theft.

CoinDCX explanation faces scrutiny

CoinDCX co-founder and CEO Sumit Gupta denied that the exchange's current wallets had been breached. He said the addresses highlighted by investigators originated in January 2025 and were compromised during the July attack, suggesting that their subsequent reuse could have triggered misleading alerts.

ZachXBT challenged that account, pointing to a TRON deposit address identified as TQKJQ. He alleged that it continued receiving deposits and interacting with wallets associated with CoinDCX as recently as April and May 2026, months after the earlier breach. The investigator also questioned whether approximately $15.8 million in customer deposits had been properly accounted for.

Previous breach raises questions about safeguards

The disagreement comes after CoinDCX lost approximately $44 million in a July 2025 attack targeting an internal liquidity account. The exchange said customer custody systems were unaffected and pledged to cover the losses through company funds. It subsequently introduced a recovery bounty offering up to 25% of recovered assets, capped at $11 million.

CoinDCX had also established a customer protection fund in August 2024, initially allocating approximately $6 million and committing part of its brokerage revenue to the initiative. Those measures followed heightened concerns about exchange security after the $230 million WazirX breach.

The latest dispute highlights the difficulty of establishing whether suspicious blockchain transfers represent stolen assets, legitimate transactions, or activity involving previously compromised addresses. CoinDCX has promised further clarification, but questions about wallet ownership and transaction history remain unresolved. A detailed reconciliation of the disputed transfers will be important for assessing the company's explanation and maintaining customer confidence.

We also reported crypto industry lost more than $766 million to hacks in September.

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