CoinDCX confirmed a loss of roughly $16 million in USDT three days after its chief executive, Sumit Gupta, dismissed reports of a new intrusion as a false alarm. Customers continued depositing to addresses deprecated since the July 2025 breach while an automated service that moved funds to active wallets stopped working. Bitquery traced $15.8 million to one deposit address, $2.2 million was reportedly frozen by Tether, and about $9.6 million was subsequently sent to addresses associated with Binance, OKX and Gate. The exchange says it absorbed the loss and that customer balances were unaffected, but it has not published an audited reconciliation or a complete incident timeline. The incident differs from cases that established intentional fraud at FTX and Celsius, although the lack of independent verification leaves questions about responsibility and customer coverage unresolved.
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