India’s largest crypto exchange absorbs $16 million loss after retired wallet failure

India's largest crypto exchange, based in Mumbai, disclosed a $16 million loss caused by an internal process failure linked to a retired wallet. The exchange initially dismissed reports of suspicious outflows as a false alarm before confirming the loss, which it says it will absorb. Traders will watch whether the incident damages confidence in Indian exchange custody and operational controls, though the firm's decision to cover the loss limits customer exposure.