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Morning Edition · Monday, October 26, 2026Published at 1:45 AM EDT · New York
CoinDCX Admits $15.99 Million USDT Loss From Retired Wallets After Chief Executive Called Reports a False Alarm
The Indian exchange said a failure in its automated deposit-sweep service left customer deposits on decommissioned addresses, and the company will absorb the loss.
CoinDCX, one of India's largest crypto exchanges, confirmed a loss of 15.99 million USDT tied to legacy wallet infrastructure, days after it denied a fresh breach. The Block reports that chief executive Sumit Gupta had told users on X that…
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Part of a tracked trend
Exchange Back-Office Infrastructure Becomes the Main Theft Target
Large losses at centralized exchanges increasingly come from neglected operational systems, such as retired wallets, sweep services and third-party security software, rather than from the main custody stack, so exchange breaches will keep recurring until proof of reserves and operational audits cover the back office.
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