đŚ Can an exchangeâs âretired walletâ cause trouble too? Indiaâs largest exchange, CoinDCX, admits to a $15.99 million loss
Indiaâs largest crypto exchange, CoinDCX, confirmed in an official blog post on Sunday (October 25) that a problem with its legacy wallet infrastructure led to the loss of 15.99 million USDT (about $16 million). The company will cover the entire loss itself.
đ Key points
⢠An anomaly was discovered on October 21: an abandoned legacy deposit wallet (decommissioned after being hacked in July 2025) had an unknown vulnerability
⢠The automatic âsweepingâ service briefly stopped working. Deposits sent by users to old addresses werenât transferred in time, accumulated, and were taken by an attacker
⢠CoinDCX says user funds are held in segregated cold wallets, and that existing wallets, trading, and withdrawals are unaffected. All deposits for affected users have been credited
⢠Ironically, just days earlier, the CEO had publicly called related reports âfalse alarms.â On-chain investigator ZachXBT and others later challenged that claim
đĄ What this means for users
⢠Risks often lurk in old systems that are âno longer in useâânot just in main wallets
⢠A platformâs transparency and speed of disclosure are important indicators of its reliability
⢠Build good habits yourself, too: only send funds to the deposit address currently shown by the platform, and test with a small amount before making a large transfer
đ Market snapshot: BTC is currently around $79,800. Markets are cautious ahead of this weekâs FOMC meeting (October 28), with around 79,000 as short-term support and 82,000 as resistance above.
đŹ Would you move your assets because a platform âonly admitted the problem afterwardâ? Or do you think reimbursing users is enough?
đ Trade BTC: https://www.binance.com/zh-CN/trade/BTC_USDT
#CoinDCX #交ććĺŽĺ ¨ #USDT #Bitcoin
â ď¸ The above does not constitute investment advice. Please be aware of the risks.
Indiaâs largest crypto exchange, CoinDCX, confirmed in an official blog post on Sunday (October 25) that a problem with its legacy wallet infrastructure led to the loss of 15.99 million USDT (about $16 million). The company will cover the entire loss itself.
đ Key points
⢠An anomaly was discovered on October 21: an abandoned legacy deposit wallet (decommissioned after being hacked in July 2025) had an unknown vulnerability
⢠The automatic âsweepingâ service briefly stopped working. Deposits sent by users to old addresses werenât transferred in time, accumulated, and were taken by an attacker
⢠CoinDCX says user funds are held in segregated cold wallets, and that existing wallets, trading, and withdrawals are unaffected. All deposits for affected users have been credited
⢠Ironically, just days earlier, the CEO had publicly called related reports âfalse alarms.â On-chain investigator ZachXBT and others later challenged that claim
đĄ What this means for users
⢠Risks often lurk in old systems that are âno longer in useâânot just in main wallets
⢠A platformâs transparency and speed of disclosure are important indicators of its reliability
⢠Build good habits yourself, too: only send funds to the deposit address currently shown by the platform, and test with a small amount before making a large transfer
đ Market snapshot: BTC is currently around $79,800. Markets are cautious ahead of this weekâs FOMC meeting (October 28), with around 79,000 as short-term support and 82,000 as resistance above.
đŹ Would you move your assets because a platform âonly admitted the problem afterwardâ? Or do you think reimbursing users is enough?
đ Trade BTC: https://www.binance.com/zh-CN/trade/BTC_USDT
#CoinDCX #交ććĺŽĺ ¨ #USDT #Bitcoin
â ď¸ The above does not constitute investment advice. Please be aware of the risks.
