Coindcx Acknowledges $16 Million Loss After Wallet Failure Arabian Post

(MENAFN- The Arabian Post) clearfix"> CoinDCX has confirmed a cryptocurrency loss of nearly $16 million after an internal transfer system failed, reversing its initial dismissal of suspicious withdrawals from wallets previously compromised in a security breach.

The Mumbai-based exchange said on Sunday that it had absorbed the loss of 15.99 million USDT, a dollar-linked cryptocurrency issued by Tether, and that customer balances and active trading systems remained unaffected.

Its disclosure followed questions from blockchain investigators about transfers from addresses associated with CoinDCX. The exchange had initially maintained that the addresses were obsolete and that the alerts did not indicate a fresh compromise of its operating wallets.

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