Indian cryptocurrency exchange CoinDCX has officially confirmed that it suffered a loss of approximately $16 million due to a security incident. The breach specifically targeted a set of retired wallets that were no longer in active use by the platform. The company’s admission comes shortly after the exchange’s CEO publicly characterized circulating reports of a security compromise as a 'false alarm.'

The incident has raised questions regarding the platform's security protocols and the transparency of its initial communications with users. While the company has now verified the financial impact of the breach, the timeline of events—moving from a denial of the breach to a confirmation of a significant loss—has drawn scrutiny from the crypto community. The exchange has not yet provided exhaustive technical details on how the retired wallets were accessed or what specific security vulnerabilities were exploited to bypass existing protections. As of now, the company is working to address the fallout of the incident and manage the impact on its operations. The discrepancy between the CEO's initial public dismissal and the subsequent confirmation of the $16 million loss remains a central point of concern for investors and platform users alike.