CoinDCX confirms $16 million loss from retired wallets

CoinDCX denied that its active wallets were hacked after investigators identified $16 million in suspicious outflows. The exchange stated that early reports of a breach were a false alarm. This denial came from CEO Sumit Gupta, who made the statement on Wednesday.

Investigations revealed $16 million in outflows from cryptocurrency addresses associated with CoinDCX. The company later confirmed a loss of $16 million originating from retired wallets. The funds moved from these specific addresses were identified as suspicious by the investigators.

The exchange maintained that its active wallets remained secure during this period. The confirmed loss was attributed to retired wallets rather than active user accounts. The CEO's comment characterized the initial breach reports as incorrect.

The loss is specifically linked to retired wallets.