Panic is spreading through the Indian cryptocurrency community after prominent blockchain sleuth ZachXBT issued an urgent warning to all users of the exchange CoinDCX. The well known investigator urged customers to move their holdings off the platform immediately, suggesting that those who value their digital assets should not leave them in the hands of the current management.

The alarm follows allegations that CoinDCX suffered a significant financial blow amounting to approximately 16 million dollars. According to ZachXBT, the situation was made worse by how the company handled the crisis internally. He claimed that the exchange’s founders initially denied any such loss occurred, only admitting to the deficit after evidence became impossible to ignore.

In a series of blunt posts on X, formerly Twitter, ZachXBT did not hold back his criticism of the leadership team. He described the co-founders as clowns and questioned their ability to secure user funds effectively. This public condemnation has cast a shadow over one of India’s largest trading platforms at a time when transparency remains a critical issue for investors worldwide.

While CoinDCX has since acknowledged some level of loss, the lack of immediate disclosure has left many traders feeling betrayed. As users scramble to execute withdrawals, the incident serves as another stark reminder of the risks associated with centralized exchanges and why independent security audits are essential for protecting retail capital.