India's largest crypto exchange to absorb $16M loss from internal process failure

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India's largest cryptocurrency exchange, based in Mumbai, has acknowledged losing $16 million. The company had first dismissed reports of suspicious outflows as a false alarm. It now attributes the loss to an internal process failure linked to a retired wallet. The exchange has said it will cover the full amount itself rather than pass it on to customers. The episode highlights the risks that legacy wallet infrastructure can pose to crypto platforms.

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