CoinDCX admits to $16m theft according to detective's findings

On-chain detective ZachXBT accused the management of the Indian crypto exchange CoinDCX of incompetence and urged users to withdraw their funds immediately. Onchain Lens analysts confirmed suspicious transfers through questionable OTC services and mixers.

Exchange Response

CoinDCX representatives initially denied the theft of funds both publicly and privately. Later, the company admitted to the loss of $16 million, linking the suspicious transactions to the aftermath of a hack in July 2025.

The company claims that customer funds are safe despite the new allegations.

Signs of Fraudulent Activity

Analysts note the following facts:

• Suspicious transfers from wallets linked to the exchange
• Use of questionable OTC services
• Application of crypto-mixers to conceal trails