WORLDTECHCoinDCX denies link to $16 million USDT transfers, calls claims misleading
India's leading crypto exchange, CoinDCX, has rejected allegations that it was connected to reported transfers of about 16 million USDT and 5,783 TRX on October 21. The exchange says the transactions involved previously compromised wallet addresses that are unrelated to its current operations.
Exchange disputes the transfer claims
CoinDCX said that claims circulating on X about certain wallet addresses and transactions are misleading. In a statement posted on X on October 22, it said the addresses were created in January 2025 and were compromised in July 2025, and that it had not used them since.
The exchange denied any connection between the reported activity and its operations and said users' funds were safe, with trading and investing continuing as usual.
Funds moved through several exchanges
According to a transaction report cited in the coverage, the receiving address split the funds and moved them through multiple wallets. Some of these flows eventually reached deposit addresses associated with Binance, OKX, Gate and other exchanges.
The reported activity took place at 23:35:54 UTC+8, when addresses identified as the exchange's hot wallet and several deposit addresses transferred the assets to a TRON address. The description of the addresses comes from Darcy, an executive at blockchain security firm Salus.
Limits of the available account
The account rests on a single outlet, Crypto Briefing, and on the exchange's own denial. The verified material does not include an independent confirmation of the transaction attribution.
Open questions
- Who controlled the compromised wallet addresses after July 2025?
- Will an independent analysis confirm the link or the denial?