CoinDCX Called It a False Alarm, Then Described a Failed Sweep; MediaNama Puts the Loss at ₹152 Crore, Inc42 Says No Figure Was Given

CoinDCX lost 15.99 million USDT from a deprecated wallet, about ₹152 crore at ₹95.07 per USDT, and absorbed it, MediaNama reported this week. Inc42 reports the same episode and says CoinDCX has not disclosed a loss amount or confirmed whether $16 million of flagged transfers corresponds to it.

The outlets agree on the mechanism and disagree on the number.

What CoinDCX said, in order

Security researcher Darcy Niu, described by MediaNama as vice president of global law enforcement cooperation at Salus, disclosed the movement before the exchange acknowledged it. On Oct. 22, MediaNama writes, co-founder and chief executive Sumit Gupta called the claims a "false alarm" and wrote that "CoinDCX wallets are not breached." He said the addresses were generated in January 2025, compromised in 2025 and then reused by attackers.

CoinDCX then said its automated sweeping service, which moves funds from deprecated deposit addresses to primary wallets, failed "for a particular period", blaming "unknown vulnerabilities" in old wallet infrastructure. Users who kept depositing to discontinued addresses had their deposits credited. Inc42 quotes the exchange: "This failure led to some operational losses, which were absorbed by CoinDCX."

Where the two reports differ

Point	MediaNama	Inc42
Loss	15.99 million USDT, about ₹152.02 crore	Not disclosed by CoinDCX
Source of the figure	Presented as confirmed	Darcy's flagged transfers, about $16 million
Destination of funds	Not stated	Binance, OKX and Gate deposit addresses

The confirmed-versus-flagged difference matters. A 15.99 million USDT transfer is on-chain; whether it equals what CoinDCX paid out of its own pocket is a separate claim, and Inc42 says the exchange has not made it.

Against the 2025 breach

The July 2025 breach involved $44.2 million, about ₹368 crore, according to MediaNama. Inc42 says that loss came from an internal operational account used for liquidity on a partner exchange, and that CoinDCX said customer funds were unaffected.

1. July 2025 breach368 ₹ crore
2. October 2026 deprecated wallet152 ₹ crore

Source: MediaNama, accessed 2026-10-27

MediaNama's text calls the current loss "approximately 2.4 times the previous breach." Its own figures run the other way: ₹368 crore is about 2.4 times ₹152 crore, so the new loss is roughly 41 percent of the old one. The same article dates the exchange's blog link to Oct. 21 while placing its confirmation three days after Oct. 22, so the timeline in that report is also inconsistent.

What it means for a funded exchange

CoinDCX has absorbed two losses of this kind in 15 months, one of them after a public denial. Neither outlet reports customer funds lost from active wallets. Inc42 quotes the company that current central and user wallet addresses are unaffected and that trading continued.

No valuation or funding round is part of either report, so the effect on the company's finances is limited to the ₹152 crore as MediaNama counts it. The next verifiable item is a written post-incident report from CoinDCX giving the loss in its own figures, which neither outlet says exists. For other Indian companies reporting numbers this month, see super.money and the eMudhra certificate keys.