CoinDCX Confirms $16 Million USDT Loss, Total Hack Damage Nears $60 Million

Indian cryptocurrency exchange CoinDCX has confirmed a loss of 15.99 million USDT (approximately $16 million) from wallets that were retired following a $44 million hack last year. The Mumbai-based company acknowledged the breach days after CEO Sumit Gupta reportedly called initial reports a 'false alarm.' The combined losses from both incidents now approach $60 million. CoinDCX says it is absorbing the financial hit to protect its users, a move that underscores the growing security challenges facing crypto platforms in India. The incident highlights the risks associated with legacy wallet infrastructure even after security upgrades. As regulatory scrutiny intensifies, this breach may prompt other exchanges to review their dormant wallet policies. For investors, the event serves as a stark reminder of the importance of exchange security and the potential for unreported vulnerabilities. CoinDCX's decision to cover losses could bolster user trust, but the repeated breaches raise questions about long-term operational resilience.