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Mumbai crypto exchange absorbs $16 million loss after false-alarm dismissal
India's largest crypto exchange, based in Mumbai, now says it lost $16 million and will cover the loss itself. The company had first dismissed reports of suspicious outflows as a false alarm, according to CoinDesk.
Initial response and reversal
The Mumbai-based exchange initially rejected reports of suspicious outflows, calling them a false alarm. It has since changed that position and acknowledged a loss of $16 million.
The exchange says it will absorb the loss rather than pass it on to customers. CoinDesk reported the account, which rests on the exchange's own statement.
Open questions
- What exactly caused the internal process failure tied to the retired wallet?
- Has the exchange completed its review of the outflows?