CoinDCX disputes hack allegations tied to $16M USDT movement
CoinDCX said reported transfers of about 16 million USDT and 5,783 TRX involved wallet addresses that had been compromised in July 2025 and were no longer in use. A blockchain security report said the assets moved to a TRON address and were then split across multiple wallets, with some funds reaching exchange deposit addresses. The Indian exchange maintained that client assets remained secure and that normal service was unaffected.
CoinDCX, an Indian exchange, said the reported movement of roughly 16 million USDT and 5,783 TRX on Oct. 21 involved addresses it had stopped using after they were compromised in July 2025. The addresses had been set up earlier that year, the company said.
A blockchain security report cited by Salus executive Darcy traced the assets to a TRON address before they were divided among several wallets. Some portions reportedly landed at deposit addresses linked to Binance, OKX, Gate and other exchanges. CoinDCX said customer funds were unaffected and trading continued normally.
The dispute may affect CoinDCX users and Indian crypto traders by testing confidence in exchange security and disclosure practices. If similar claims spread, they could prompt customers to move assets or demand clearer proof of reserves, while other exchanges named in the fund trail may face extra scrutiny. Broader crypto markets could also see short-lived trust concerns, though the exchange’s assurance that services are normal may limit immediate disruption.