First they called it a “false alarm,” then three days later changed their tune and admitted a loss of 15.99 million USDT: On October 25, CoinDCX, India’s largest exchange, acknowledged that 15.99 million USDT had been withdrawn from an old wallet retired after a $44 million hack last July. The funds were still being deposited into the wallet because the automated sweeping system had stopped working. The company says it will cover the loss itself, customer funds remain in segregated cold wallets, and trading deposits and withdrawals are operating normally. Tether has frozen about $2.21 million of the funds. Including last July’s hack, the two incidents add up to nearly $60 million. The lesson is simple: an exchange’s initial denial never means nothing happened. Keeping your coins on an exchange means placing your trust in someone else’s outdated systems. $USDT #ExchangeSecurity