India's CoinDCX confirms $16 million loss after CEO called breach reports a 'false alarm'
IN SHORT
Indian crypto exchange CoinDCX has confirmed a loss of $16 million in USDT after a hack on its wallet infrastructure. The admission reverses earlier statements by CEO Sumit Gupta, who had dismissed reports of a breach as a "false alarm." This incident follows a previous hack in July 2025, bringing the exchange's total losses to nearly $60 million.
Key Numbers
15.99 million USDTUSDT lost in the incident
$16 millionapproximate value of USDT lost
$60 milliontotal losses from two incidents
$44 millionloss from previous hack in July 2025
Who's Involved
CoinDCX
Indian crypto exchange that lost $16 million in USDT
Sumit Gupta
CoinDCX CEO who initially called breach reports a 'false alarm'
ZachXBT
on-chain investigator who disputed Gupta's account
↳ Why This Matters
CoinDCX's repeated security breaches and conflicting public statements raise concerns about the exchange's operational integrity and the safety of customer assets, potentially impacting investor confidence in Indian cryptocurrency platforms.