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As reported by CoinDesk, Indian cryptocurrency exchange CoinDCX has confirmed a loss of $16 million. The incident occurred because its sweeping process failed to withdraw customer deposits from wallets compromised in a July 2025 hack. The exchange stated it would absorb the loss itself and confirmed that active users' funds remain secure.
CoinDCX has issued an announcement stating that it detected anomalous system activity on October 21, and subsequent investigation confirmed that the anomalous activity affected legacy wallet infrastructure that had been deprecated following the July 2025 security incident. CoinDCX stated that due to a malfunction in the automated fund sweeping service that lasted for a period of time, some user deposits mistakenly sent to old addresses were not transferred in a timely manner, ultimately resulting in a loss of 15.99 million USDT, with the related losses borne by the company.CoinDCX emphasized that existing wallets and trading systems were unaffected, user funds remain securely held in isolated cold wallets, and trading, deposit, and withdrawal services all continue to operate normally.
According to monitoring by Salus, Tether has blacklisted nine addresses linked to the CoinDCX security incident and frozen approximately 2.2129 million USDT. The investigation was triggered by an anomalous transfer, and subsequent on-chain evidence prompted Tether to implement the freeze.
According to on-chain anti-money laundering monitoring platform AMLBot, Tether has frozen approximately $2.2 million worth of USDT related to the hacking incident at cryptocurrency exchange CoinDCX, involving multiple on-chain addresses.
Onchain Lens posted on X questioning CoinDCX's so-called hack incident, stating that CoinDCX may have undisclosed fund anomalies—user deposits had flowed into a wallet that was not included in the relevant fund accounting, after which nearly equivalent funds were transferred out; some funds were also moved through less common cross-chain bridge entry points and services, indicating abnormal pathways.Onchain Lens further pointed out that some funds suspected to be related to CoinDCX hot wallets flowed through over-the-counter (OTC) services and mixing platforms, and questioned that the CoinDCX team still denied the occurrence of a security incident even after multiple researchers and on-chain investigators presented relevant evidence.
Indian crypto exchange CoinDCX has released an update on the on-chain activity of the TQKJQ wallet, stating that following the July 2025 security incident, some previously generated deposit addresses were compromised and deactivated, yet some users continued to transfer crypto assets to these expired addresses. The platform would normally periodically sweep such funds for accounting and safekeeping purposes, but the relevant process failed for a period of time and was discovered this morning, resulting in certain operational losses for the platform, which CoinDCX will bear.CoinDCX stated that despite users depositing to expired addresses, the accounts of affected users have all been credited accordingly. The platform said user funds remain safe, customer assets continue to be held in separate cold wallets, the active addresses currently used by the platform and users are unaffected, and platform funds in active wallets have not been compromised. Currently, the CoinDCX platform and all trading activities are operating normally. The platform reminds users to verify the latest deposit addresses through the official app or website to avoid transferring funds to deactivated addresses.