India’s largest crypto exchange absorbs $16 million loss from internal process failure tied to retired wallet
Summary
India's largest cryptocurrency exchange recently suffered a financial hit totaling $16 million. The incident stemmed from an internal process failure connected to a retired digital wallet. Although the Mumbai-based platform initially denied reports of unusual outflows, leadership confirmed they will cover the deficit themselves.
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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