CoinDCX Confirms $15.99M USDT Loss After Three Days of Denials

CoinDCX, one of India's largest crypto exchanges, confirmed on October 25, 2026, a loss of 15.99 million USDT from addresses it had decommissioned following the July 2025 attack. The figure matters less than the context: three days earlier, on October 22, founder and CEO Sumit Gupta had called initial reports a likely false alarm, and the official account had labeled them misleading. According to the company's statement, the loss was absorbed entirely by CoinDCX, and customer balances were not affected.

The following account is drawn from the full statement CoinDCX published on its blog and The Block's reporting of October 25. Posts on X by CoinDCX, Gupta, ZachXBT, and analyst Darcy were not directly accessible with our tools; they are cited here through The Block, which quotes and links them.

What Happened Between October 21 and 22?

According to the company's statement, CoinDCX detected unusual activity in its systems on October 21, and internal controls moved to protect active wallets and trading engines. The following day, on-chain data and community alerts flagged an irregular movement of funds. As reported by The Block, the first public disclosure came from Darcy, co-founder of the asset recovery service FlashRescue: approximately 15.99 million USDT and 5,783.81 TRX had left CoinDCX's hot wallet and several deposit addresses at 11:35 a.m. New York time on October 21.

All of the funds, per Darcy's reconstruction, converged on a single Tron network address. The largest single transfer was 15,819,002 USDT; from there, the amounts were split and sent to deposit addresses on Binance, OKX, and Gate. For readers less familiar with USDT, the Tether stablecoin pegged to the US dollar, our guide to stablecoins and how they work explains why these tokens circulate predominantly on fast, low-cost networks like Tron.