India’s Largest Crypto Exchange to Cover $16 Million Wallet Loss
Edited by Steinar Vigdel Kolnes, Editor, Oslo
The Mumbai-based exchange acknowledged a $16 million loss linked to a retired wallet after initially dismissing reports of suspicious outflows.
India’s largest cryptocurrency exchange says it will cover a $16 million loss stemming from an internal process failure involving a retired wallet, according to CoinDesk.
The Mumbai-based platform had initially characterized reports of suspicious fund movements as a false alarm. Its subsequent acknowledgment reversed that assessment.
The exchange attributed the loss to its own internal processes and said it would bear the cost. The report did not provide further details about how the failure occurred.
Source: CoinDesk