CoinDCX Links Failed Deposit Sweep to 15.99 Million USDT Loss

CoinDCX linked a 15.99 million Tether (USDT) loss to a breakdown in its automated deposit-sweep system that left old wallets holding funds, while saying it absorbed the loss and customer balances were unaffected. The India-based exchange outlined the failure in an Oct. 25 update. CoinDCX said it detected unusual activity Oct. 21 and irregular fund movements the next day. CoinDCX said deposits reaching deprecated addresses were credited to users, then moved to primary wallets by a separate service. Funds accumulated in older infrastructure when that service failed. The company did not specify how long the service was down.