Crypto Exchange Coinsecure Reports $3.3M USD Theft, Inside Job Suspected

Crypto Exchange Coinsecure Reports $3.3M USD Theft, Inside Job Suspected

Coinsecure, one of the leading cryptocurrency exchanges in India, has reported a theft of 438 bitcoin, approximately worth $3.5 million, from the company's bitcoin wallet.

Coinsecure, on Friday, said that around 438 bitcoins, which were stored in a password-protected virtual wallet were siphoned off to an unknown destination on the internet after the details were leaked online.

The company said in a statement posted on its website, "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".

Yesterday, the company issued a message for its users on its homepage, saying their system has never been compromised or hacked.

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The Delhi-based cryptocurrency exchange stored all its bitcoins in an offline wallet which was only accessible by CEO Mohit Kalra and the accused CSO Dr. Amitabh Saxena.

Coinsecure had recently launched Android and iOS apps and it was moving towards a multi-coin architecture. A private key is an integral aspect of bitcoin and altcoins, and its security make up helps to protect a user from theft and unauthorized access to funds.

As the private keys are kept with Dr. Amitabh Saxena, we feel that he is making a false story to divert our attention and he might have a role to play in this entire incident. Bhardwaj had introduced the first online retail marketplace accepting bitcoin in the country in 2014.

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.

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Near to 11,000 people are said to be affected due to the hacking of Coinsecure. A case has been registered under the IPC and Section 66 of the IT Act. It looks like a crime committed intentionally. He added that they contacted specialists to find out the source of the hack and trace the stolen funds.

Coinsecure also stated that it would compensate customers for losses from its existing funds.

It is noteworthy that Coinsecure incident has occurred days after the Reserve Bank of India (RBI) barred banks and financial institutions from dealing in cryptocurrencies from April 6th, 2018. The firm is working toward recovering the money and "we reassure all our customers that you will be indemnified from our personal funds", it said.

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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