Indian crypto exchange CoinDCX has confirmed a $16 million theft, just days after its CEO dismissed breach reports as a "false alarm."
The exchange stated that user deposits had accumulated in vulnerable wallets. According to CoinDCX, this occurred because an automated fund-transfer system failed following a previous $44 million hack in July 2025, leaving funds inadequately secured.
This admission brings total losses from the two incidents to nearly $60 million. The exchange says it will cover the latest loss and maintains that user funds remain safe, though it has not detailed the compensation process or timeline.
Meanwhile, onchain investigator ZachXBT, who challenged the exchange's initial denials, has urged customers to withdraw their assets, warning of potential additional risks.
The delayed admission raises further concerns over CoinDCX's security measures and broader questions about how centralized exchanges safeguard user assets, especially in emerging markets.