Cryptocurrency trading volumes went through an intense churn over the weekend as crypto investors reacted to the news of CoinDCX being subject to a security breach.
Data shared by Crebaco crypto research company showed that while trading volumes of CoinDCX suffered intense peaks and valleys, other exchanges like Zebpay also reported dips in their trading volumes.
CoinDCX’s trading volume shot up 290 per cent on Sunday when the news about the hacking became public. Before this, it had a weekly growth of 11 per cent.
By Monday, the trading volume plummeted by nearly 60 per cent. These numbers coincide with the company’s announcement of receiving 31,462 INR withdrawal requests and processing 98.09 per cent of those.
The impact of the incident was even felt by exchanges like Zebpay whose trading volume fell by 28 per cent on Sunday. While it recovered marginally on Monday, on a weekly basis, Zebpay’s trading volume had still fallen by 39 per cent.
Despite the changing trading trends, CoinDCX during its open house discussion reported great support from the community and investors with the latter offering to help raise capital. The company said its treasury is more than enough to continue to run the business into perpetuity.
According to, Sharat Chandra, Founder – EmpowerEdge Ventures, a platform which helps fintech and web3 startups in their 0 to 1 journey, said a slight dip in trading volume is as per expected lines and likely to persist for the next couple of weeks. On the domestic front, there will be some users whose trades will not be executed. The same thing happened even in the case of WazirX, he said. Such cases also lead to a loss of trust which is a concern in terms of the high net worth individuals (HNIs), said Chandra.
CoinDCX had recently said it is getting a lot of interest from HNIs and many family offices that are also switching to crypto.
“These guys might revisit the decision because if the entire liquidity goes for a toss, then even if you execute a trade and your funds are safe, when you want to cash out, where is the money?
The deal size anyways goes from ₹10 lakh onwards as compared to normal retail trade,” said Chandra.
Roshan Aslam, Co-founder & CEO of GoSats, crypto reards platform, while the CoinDCX development will lead to adversarial conditions in the short-term, the long-term aspect in trading and investments will not have much pushbacks.
“There is no doubt there will be some form of negative impact on investor sentiments in India. What led investors to choose risk assets was based on the unprecedented growth and security, and while the value creation aspect remains the same, users will become more cautious regarding how they invest their wealth in these assets.”
At the time same time, Aslam said the sector is perceiving the incident largely as a regional development, highlighted in the price action since the incident occurred. He expects Indian investors to renew their interest in some time.
Silver lining
Despite the panic caused by the incident, Chandra said the whole saga can still act as a catalyst for a meaningful debate around a crypto policy, especially as we inch closer to the Parliament monsoon session. In the absence of any regulation, individuals investing in crypto are left with no recourse.
“The current parliament session can be utilised by both regulators and industry stakeholders to advocate for at least some regulation on the industry protection or consumer protection,” said Chandra.
Published on July 21, 2025
