CoinDCX Reports $15.99M Loss Due to Deprecated Wallet Infrastructure
The Indian crypto exchange acknowledged a significant financial loss after funds were stranded in outdated wallets.
The Indian crypto exchange acknowledged a significant financial loss after funds were stranded in outdated wallets. Tether (USDT) is trading at $0.999. This is an original TLT brief based on reporting by Crypto Daily, with live market data added, as of Thu, 29 Oct 2026 11:00:08 UTC.
This incident highlights the risks associated with outdated infrastructure in crypto exchanges and the potential financial impact on both the platform and its users.
- CoinDCX lost $15.99M due to funds stuck in deprecated wallets.
- The issue stemmed from a failed sweeping service.
- USDT market cap remains stable at $180.81B despite the incident.
- CoinDCX Confirms $15.99M USDT Loss from Legacy Wallet Breach
- CoinDCX Confirms $16M Loss Amid Wallet Breach Controversy
- CoinDCX Reports $15.99M Loss Due to Deprecated Wallet Infrastructure — this brief
Indian cryptocurrency exchange CoinDCX has acknowledged a loss of $15.99 million USDT after a sweeping service failed to transfer funds from deprecated wallets to updated infrastructure.
The incident underscores the challenges and potential vulnerabilities faced by crypto exchanges when managing legacy systems. Deprecated wallets, if not properly maintained or updated, can lead to significant financial losses and operational disruptions.
While the USDT circulating supply remains robust at $180.81 billion according to DeFiLlama, the incident has not significantly impacted 
Tether's market position. Tether's price remains stable at $0.998964, with minimal 24-hour and 7-day fluctuations.
The broader crypto market, however, is experiencing a downturn, with the total market cap at $2.75 trillion and 
Bitcoin down 1.66% in the last 24 hours. The Fear & Greed Index stands at 51, indicating a neutral market sentiment.
This incident raises questions about the security and reliability of exchange infrastructure. It also highlights the need for continuous system updates and rigorous risk management practices in the crypto industry.
Since this brief published about 60 minutes ago, Tether (USDT) has moved from $0.999 to $0.999 — +0.00%.
The chart plots USDT's price: grey is the move before this brief published, the vertical dashed line marks the moment it published, the horizontal dashed line is the price then, and the coloured area is the move since — from TLT's market data (daily resolution; intraday detail builds over the first day). It shows what happened after the news, not that the news caused it; many factors move prices. Not financial advice.
At today's peer-to-peer rate, 1 USDT ≈ ₦1,382.12 (about $0.999), up 0.0% over 24 hours. The naira itself trades about 2.8% above the official rate on the P2P market, so a Nigerian buyer's effective cost differs from the headline dollar price.
Live market data
Current prices for the asset in this story — live, source-stamped, updated every 15 minutes.
Figures and sectors in this story, checked live against on-chain aggregators · October 29, 2026.
TLT reads these figures directly from on-chain aggregators (DeFiLlama, mempool.space) at build time — independent of what any outlet reported. Sector totals aggregate every protocol DeFiLlama tracks in that category. Values are live and will change.
CoinDCX Reports $15.99M Loss Due to Deprecated Wallet Infras — questions & answers
What caused CoinDCX's $15.99M loss?
The loss was due to funds being stuck in deprecated wallets after a sweeping service failed.
How did the incident affect Tether's market?
Tether's market cap and price remained stable despite the incident.
What is the current state of the crypto market?
The total market cap is $2.75T, with Bitcoin down 1.66% in the last 24 hours.
How much is 1 Tether worth in naira today?
About ₦1,382.12 at the live peer-to-peer (P2P) USDT rate, which is what Nigerians typically trade at — equivalent to roughly $0.999. The naira price moves with both USDT's US-dollar price and the USDT/NGN rate; use our Tether in naira page for any amount.
Which outlets reported this story?
This is an original TLT brief that synthesises reporting from Crypto Daily. It is not a copy of any one article — follow the source links above for the original reporting.
Original summary — not financial advice. This is an original TLT brief that summarises a development reported elsewhere and adds live market data for context; it is not the original article and reproduces no part of it. Follow the source link above for full details. Crypto is volatile and high-risk — always do your own research.