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CoinDCX reports $16 million loss from retired wallets after its CEO dismissed breach reports
Indian crypto exchange CoinDCX is facing scrutiny after its chief executive, Sumit Gupta, described early reports of a breach as a false alarm. According to The Block, the company has since confirmed a loss of $16 million from retired wallets.
What the CEO said on X
Gupta told users on X on Wednesday that early reports of a breach sounded like a false alarm. The post was published while the reports were still circulating and before the company had disclosed any loss.
Loss linked to retired wallets
The Block reports that CoinDCX has confirmed a loss of $16 million from wallets it had retired. The outlet's account is the basis for the figure, and it is the only source the facts cite for the episode.
Open questions
- Has the $16 million loss been independently verified?
- What did CoinDCX know about the breach when its CEO made his comments?