CoinDCX says a deposit transfer failure cost it money, hours after denial

CoinDCX, an Indian crypto exchange, said on Thursday that a failure in how it sweeps customer deposits left it with losses it has covered itself, a little more than three hours after it called claims about the transactions "misleading." Sweeping means regularly moving deposits out of individual deposit addresses into wallets the exchange controls and accounts for.

The failure sat in old addresses. CoinDCX said deposit addresses created earlier in 2025 were "compromised" in its July 2025 "security incident" and later deprecated, but some users kept sending crypto to them. "For a particular period, this sweeping process failed, which got identified today morning," the exchange said on X at 7:47 a.m. ET. "This failure led to some operational losses, which were absorbed by CoinDCX." [1]

CoinDCX gave no amount. It said every affected deposit was credited to users, customer assets remain in segregated cold wallets, and its current addresses and active wallets were not affected [1].

That reverses its first account. At 4:14 a.m. ET, CoinDCX said on X that claims about certain wallet addresses and transactions were "misleading" and that the activity being reported "does not have any connection with CoinDCX" [2].

Public TRON records show an address beginning "TQKJQ," the wallet CoinDCX's 7:47 a.m. ET post addresses, sending 15,819,002 USDT, a dollar-pegged token, in one transfer at 11:35 a.m. ET on Oct. 21 [3]. CoinDCX has not tied that transfer to its loss, and neither of its statements uses the words theft or hack.

In Le Coin's view, the size of the loss matters less than the gap between the two statements. The objection is fair: CoinDCX says every affected deposit was credited and that "users’ funds remain completely safe" [1]. But a denial that had to be withdrawn within hours weakens the exchange's word on the rest.

The tell is whether CoinDCX puts a number on the loss or names the period the sweep failed. By 10:45 a.m. ET it had given neither [1].

Sources

1. CoinDCX, statement on X (official account), Oct. 22, 2026, 7:47 a.m. ET; CoinDCX has published no blog post or press release, so this X post is its statement: https://x.com/CoinDCX/status/2113235810988531883
2. CoinDCX, statement on X (official account), Oct. 22, 2026, 4:14 a.m. ET: https://x.com/CoinDCX/status/2113182200648864243
3. TRON blockchain record, tx 6c555aa65b2a6f38454ad1a52fc2780d159d6338bef0f79b6c42e8b88b16779b, read via TronGrid Oct. 22, 2026, 10:45 a.m. ET: https://tronscan.org/#/transaction/6c555aa65b2a6f38454ad1a52fc2780d159d6338bef0f79b6c42e8b88b16779b

Holding the Corner.

Not financial advice.