CoinDCX confirms $15.99 million USDT loss after earlier denial of wallet breach.
The exchange detected unusual activity on October 21 and initially protected its active wallet and trading infrastructure.
A subsequent investigation revealed that a deprecated operational wallet containing previously unknown vulnerabilities was targeted. An automated sweeping service had failed, causing user deposits to accumulate on the old address, resulting in a loss of 15.99 million USDT that the company absorbed.
CoinDCX stated that active wallets, trading systems, deposits and withdrawals continued to function normally, with customer balances fully accounted for. Users who sent funds to the deprecated address were credited immediately.
Do you think exchanges should maintain separate processes for legacy addresses, or consolidate them entirely?
#Crypto #FinTech #Blockchain #Security
The exchange detected unusual activity on October 21 and initially protected its active wallet and trading infrastructure.
A subsequent investigation revealed that a deprecated operational wallet containing previously unknown vulnerabilities was targeted. An automated sweeping service had failed, causing user deposits to accumulate on the old address, resulting in a loss of 15.99 million USDT that the company absorbed.
CoinDCX stated that active wallets, trading systems, deposits and withdrawals continued to function normally, with customer balances fully accounted for. Users who sent funds to the deprecated address were credited immediately.
Do you think exchanges should maintain separate processes for legacy addresses, or consolidate them entirely?
#Crypto #FinTech #Blockchain #Security
