In boxing, what happens when a corner throws a towel into the ring?

Although often referenced in films and TV programs, throwing the towel into the ring does absolutely nothing, except for maybe annoying the referee.

It was a well-known myth that a boxer's corner can throw a towel into the ring to signal that they want to forfeit the contest. However, this is not the case. The only ones who can stop a contest are the officials (referee, judges, ringside physician).

For both professional and amateur contests, the corner can request a forfeit to any official, but only between rounds. A boxer himself can resign from the bout by dropping to one knee. This is an indication to the referee that the boxer has had enough and wants to quit. In this case, the match is stopped and the other boxer will win by default. However, throwing anything into the ring is against the rules, and could get the person throwing the item expelled from the venue and possibly banned from future boxing events.