On-chain investigator ZachXBT alerted users of the Indian exchange CoinDCX , urging them to immediately withdraw their funds from the platform. The warning follows allegations of opacity and inconsistencies in the statements made by the co-founders after a prior security incident, pointing to the recent movement of approximately 15.8 million USDT linked to compromised addresses that continued to receive deposits.
Withdraw all funds from CoinDCX if you value your assets.
Its co-founders are clowns running a circus.
They publicly and privately denied a theft of its assets occurred meaning they straight up lied or are negligently incompetent.
Later they disclosed the $16M theft and… pic.twitter.com/uEmtogPonq
— ZachXBT (@zachxbt) October 22, 2026
Confidence in the Indian centralized exchange was shaken following the warning. While ZachXBT argues there was negligence and a lack of clarity regarding fund management, CoinDCX stated that user assets remain secure in segregated cold wallets and that the platform absorbed the operational losses resulting from failures in sweeping dormant wallets.
This new episode highlights the mounting pressure surrounding custody and fund audits on centralized platforms. As a next step, the crypto community is monitoring on-chain movements and awaiting definitive official reports that clarify the platform’s comprehensive balance sheet.
Source: https://x.com/zachxbt/status/2113264816546873716
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