CoinDCX’s $16 million loss revives uncomfortable memories of FTX and Celsius
CoinDCX confirmed that about $16 million in USDT was lost after an automated process for sweeping deposits from deprecated wallet addresses failed. The exchange says customer balances were unaffected and trading and withdrawals continued. Blockchain analytics firm Bitquery traced about $15.8 million to one deposit address and reported that Tether froze $2.2 million; some funds moved to addresses associated with major exchanges. CoinDCX CEO Sumit Gupta had initially dismissed breach reports, while the later explanation attributes the loss to exposed legacy infrastructure rather than current wallets. The incident’s timeline, the sweeping service’s failure, and how the attacker gained access remain unclear, and the exchange has not provided an audited post-incident balance sheet. The account distinguishes CoinDCX’s admitted operational loss from past executives’ reassurances preceding collapses or fraud findings at FTX, Celsius, Hodlnaut and Voyager.
