19.07.2025 21:00

Cryptocurrency investigator ZachXBT ignited a firestorm of speculation within the crypto community by alleging a significant security breach at CoinDCX, a leading Indian cryptocurrency exchange. His widely circulated post suggested a potential loss of $44.2 million, a claim that remained unacknowledged by CoinDCX for nearly 17 hours, fueling widespread alarm and uncertainty.

The allegations stem from on-chain data analysis revealing substantial cryptocurrency inflows into three distinct wallets, all apparently originating from sources linked to CoinDCX. This data strongly corroborates ZachXBT's assertion of a $44 million drain, sparking intense scrutiny and debate across various online forums. The exchange's initial silence only intensified the public's anxiety and fueled rampant speculation regarding the nature and extent of the alleged breach.

The incident's impact resonated deeply because of CoinDCX's prominent position within the Indian cryptocurrency market. Boasting a reported user base exceeding six million and processing billions of dollars in monthly trading volume, a security compromise of this magnitude—particularly one initially concealed from users—was bound to generate significant concern and unrest. This prominent status heightened the severity of the situation and the resulting negative publicity.

Following considerable public pressure and mounting speculation, CoinDCX finally released an official statement. Via X (formerly Twitter), the exchange vehemently denied that any customer funds were compromised, emphasizing the secure storage of all digital assets in offline cold wallets and the uninterrupted operation of trading and INR withdrawal services. They attributed the incident to an isolated operational account, separate from user holdings, and pledged to absorb any related financial losses internally.