ZachXBT accused CoinDCX of delaying disclosure of an approximately 16000000 USD theft and advised users who value asset security to withdraw their funds.
Article
ZachXBT：CoinDCX The co-founders are a bunch of clowns; users are advised to withdraw their funds as soon as possible
PANews October 22 reported that “on-chain detective” ZachXBT warned users that, if they value the security of their assets, they should withdraw all funds from the Indian cryptocurrency exchange CoinDCX. The exchange's co-founders had previously denied the asset theft in both public and private communications, only later disclosing an approximately 16000000 USD theft incident. He believes the exchange failed to disclose the situation to the public transparently and in a timely manner. ZachXBT also said that the CoinDCX co-founders are a bunch of clowns who run the exchange like a farce, and that this was not the first time CoinDCX had experienced a similar issue. He also included Indian centralized exchanges such as WazirX and BitBNS in his criticism.
PANews October 22 reported that ZachXBT posted a warning urging users to withdraw all funds from CoinDCX.
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ZachXBT said that CoinDCX's co-founders had previously denied asset theft in both public and private communications, only later disclosing an approximately 16000000 USD theft incident.
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ZachXBT believes CoinDCX failed to disclose the situation to the public transparently and in a timely manner.
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ZachXBT said this was not the first time CoinDCX had experienced a similar issue, and also criticized Indian centralized exchanges such as WazirX and BitBNS.
AI-assisted interpretation
The following is analysis, separate from reported facts. Verify important claims independently.
This is an allegation regarding platform security and information disclosure made by ZachXBT. The core point is that he believes CoinDCX first denied the theft and only later announced an approximately 16000000 USD theft incident, and therefore advised users to withdraw their funds. The original text provides no independent investigative materials to verify these claims.
Why it matters to readers
If the allegations of theft and delayed disclosure are true, users may need to pay attention to the platform's asset security, information transparency, and ability to withdraw funds.
Holding assets on a centralized exchange means users rely on the platform to safeguard their funds. Beginners should distinguish between “someone has made an allegation” and “an incident has been independently verified,” and carefully assess the risks of concentrating assets in one place.
Risks and unknowns
The approximately 16000000 USD theft and its disclosure timeline are mentioned only in the report's account of ZachXBT's claims; the original text includes no independent verification materials.
The original text provides no CoinDCX formal response to these allegations.
It is not possible to determine from the original text whether user assets, deposits and withdrawals, or the platform's solvency were affected.
ZachXBT's claim that CoinDCX had experienced similar issues previously is not supported by specific incidents or evidence in the original text.
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The original text does not elaborate on the criticism of WazirX and BitBNS.
Related concepts
On-chain investigator
This term is not in the glossary yet. Browse related concepts in the glossary.
