India's largest crypto exchange absorbs $16 million loss from internal process failure tied to retired wallet

CoinDCX, India’s largest crypto exchange by trading volumes, says it has absorbed a $16 million loss after an internal process failed to move customer deposits out of a retired wallet. It all started last week, when blockchain sleuths flagged about $16 million in suspicious outflows from wallets linked to the Mumbai-based exchange. CoinDCX was quick to dismiss the reports, with CEO Sumit Gupta calling it a false alarm on X.