CoinDCX Confirms $16M Loss From Retired Wallets After Earlier Breach Denial

CoinDCX, one of India's largest cryptocurrency exchanges, has confirmed that roughly $16 million was lost from a set of retired wallets. The admission came several days after the company's chief executive, Sumit Gupta, publicly described early reports of a security breach as a false alarm.

Gupta had addressed the matter on X on Wednesday, suggesting that the initial claims did not reflect what was happening on the platform. The subsequent confirmation marks a reversal of that early assessment.

Details of the incident

The exchange said the affected funds were held in wallets that had been taken out of active use. Because these wallets were no longer part of its day-to-day operations, the company's statement focused on the total value lost rather than on the operational services offered to customers.

The episode highlights the gap that can open between early public statements by company leadership and later findings, particularly when a security incident is still being investigated.

Market context

No market data was available for this report, so no price movement for related tokens can be described. Readers should consult official CoinDCX communications for further updates on the investigation and any steps taken to address the losses.