India’s largest crypto exchange absorbs $16 million loss from internal process failure tied to retired wallet
Summary
India's biggest digital asset platform has confirmed a financial hit of $16 million following an internal operational breakdown involving a decommissioned wallet. The Mumbai-headquartered company previously rejected claims of unauthorized withdrawals as incorrect before acknowledging the full deficit. Management stated that the business will cover the entire amount internally without impacting user funds.
The Mumbai-based exchange initially dismissed reports of suspicious outflows as a false alarm. It now says it lost $16 million and will absorb the loss.
Source: Read the full story at CoinDesk: Bitcoin, Ethereum, Crypto News and Price Data
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