CoinDCX Confirms $15.99 Million Loss After Wallet Sweep Failure

Crypto exchange CoinDCX confirmed it absorbed a $15.99 million loss in USDT after an automated wallet-sweeping service failed, leaving deposits in infrastructure the company had retired. The company said deposits kept accumulating because the automated process stopped moving funds out of deposit wallets. CoinDCX said it covered the loss and that its active customer-facing systems and customer deposit balances were unaffected. The wallet activity occurred Oct. 21, and the exchange confirmed the loss Oct. 25. CoinDCX initially called the activity a false alarm before later acknowledging the loss.