CoinDCX belatedly admits latest hack; Ireland fines Coinbase anew

Homepage > News > Business > CoinDCX belatedly admits latest hack; Ireland fines Coinbase anew TL;DR: Two crypto compliance setbacks emerged at once. In India, CoinDCX initially dismissed reports of unusual wallet activity before acknowledging a loss of roughly $16 million, traced to a deposit-sweeping process that failed on old, compromised addresses. Meanwhile, in Europe, Ireland’s central bank fined Coinbase’s Irish subsidiary €3.25 million for failing to adequately safeguard customer funds and relying too heavily on its U.S. parent. Key Takeaways: India’s CoinDCX admitted to roughly $16M in ‘operational losses’ after a deposit-sweeping process failed on previously compromised wallet addresses, raising concerns about its handling of the breach and transparency. Coinbase’s Irish subsidiary was fined €3.25M by the Central Bank of Ireland for failing to adequately safeguard customer funds and relying too heavily on its U.S. parent for regulatory compliance. Indian exchange CoinDCX is facing tough questions after initially denying but ultimately admitting its latest security breach, while Coinbase’s (NASDAQ: COIN) Irish offshoot has racked up another multi-million-dollar co...