Negative impactCompany
CoinDCX confirms functioning of rogue wallets, siphoning user funds worth $16 million
BusinessLine 22 hrs ago·22 Oct 2026, 4:14 pm
CoinDCX, a major Indian cryptocurrency exchange, has confirmed that it is investigating a security breach involving rogue wallets. The exchange stated that approximately $16 million worth of funds and 5,783.81 TRX were siphoned from its platform, though it emphasized that user assets remain safe. The incident was initially flagged by an X user who suspected the theft.
This development is significant for investors as it raises concerns about the security protocols of centralized crypto platforms. While the exchange claims no user funds were lost, the breach highlights the inherent risks associated with storing digital assets on third-party exchanges. It serves as a reminder for investors to be cautious about platform security and consider diversifying their holdings.
Going forward, investors should monitor CoinDCX's official statements for updates on the investigation. It is also advisable to review the security measures of any exchange you use, such as enabling two-factor authentication and using cold storage for significant holdings.
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