Coinsecure reports ₹ 19 crore Bitcoin heist

Sovereign debt fell for a fourth day Wednesday as focus returned to concern that rising oil prices may once again prompt the Reserve Bank of India to turn hawkish

Coinsecure that reportedly lost almost $3 million worth bitcoins (around Rs 20 crore in Indian currency) announced a bounty of 10% for any help towards the recovery of the stolen bitcoins.

Late yesterday, Indian cryptocurrency exchange Coinsecure (which now seems like an ironic name) announced that the exchange had lost of some of its bitcoins during an exercize to distribute BTG to its customers.

Our CSO, Dr. Amitabh Saxena, was extracting BTG and he claims that funds have been lost in the process during the extraction of the private keys.

The complainant has also made a request to the police to seize Dr. Amitabh Saxena's passport so he can not fly out of the country.

The firm has assured its customers to "indemnify them with its personal funds.' The cryptocurrency exchange has further alleged Saxena is 'making false story to divert attention". The complaint accuses the exchange's chief scientific officer, Amitabh Saxena of having a role in the incident. A case has been registered under the IPC and Section 66 of the IT Act.

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Ningning Niumai, founder of Greymeter, a social network for college students and young professionals tweeted that Dr. Amitabh Saxena was appointed nearly 6 months ago by the company, therefore, handing over private keys of Coinsecure is very suspicious. He said, "Private keys should have never been exported online".

Since the theft, the company's website has been shut and the following message been posted: "We regret to inform you that our bitcoin funds have been exposed and seem to have been siphoned out to an address that is outside our control". It looks like a crime committed intentionally. The exchange states that customer's funds are safe with Coinsecure and it will keep its users updated. He added that they contacted specialists to find out the source of the hack and trace the stolen funds.

According to cryptocurrency exchange Coinome, on Friday, bitcoins were trading at Rs. 4,80,000 or about $7,359, which was well below its worldwide market price of about $7,771.

The company has launched a complaint with the Cyber Cell in Delhi and is also conducting an investigation with the help of cybersecurity experts. In view of the issues such as money laundering, the Reserve Bank of India has directed entities (such as banks and payment gateways) regulated by the RBI to stop dealing with or providing any services to individuals or businesses indulging with virtual currencies in any form.

Coinsecure is one of the more well known crypto-currency exchanges in India, and one that multiple Bitcoin traders have recommended to us in the past.

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