Cross-modal hashing enables efficient retrieval by encoding images and text into compact binary codes. State-of-the-art methods rely on semantic similarity graphs derived from user interactions for supervision, yet these graphs encode sensitive behavioral patterns vulnerable to link reconstruction attacks. Existing privacy-preserving approaches fail on graph-structured data: Differentially Private SGD destroys relational motifs by treating samples independently, while graph synthesis methods suffer from unbounded local sensitivity in scale-free networks, hub nodes cause single-edge modifications to alter triangle counts by $\mathcal{O}(N)$, necessitating prohibitive noise injection. We term this phenomenon Hubness Explosion. We propose DMP-MH, a Sanitize-then-Distill framework that decouples privacy from representation learning. Our approach first bounds sensitivity by deterministically clipping node degrees, capping the $L_2$-sensitivity of triangle motifs independently of dataset size. A sanitized synthetic graph is then generated via Noisy Mirror Descent under $(ε,δ)$-Edge Differential Privacy. Finally, dual-stream hashing networks distill this topology using a holistic structural loss that enforces cross-modal alignment. Evaluated on MIRFlickr-25K and NUS-WIDE under a strict inductive protocol, DMP-MH outperforms private baselines by up to 11.4 mAP points while retaining up to 92.5% of non-private performance.