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Coinsecure claims loss of bitcoins worth Rs19 crore

14 April 2018

"We are seeking help from the Bitcoin community and all our users who can help us identify the hacker or give us any information that could lead us to recover funds, " Coinsecure updated on its website. The Coinsecure theft is one of the biggest cryptocurrency thefts in India. On 9th April 2018, we were informed by our CSO, Dr. Amitabh Saxena, that 438.318 bitcoins were stolen from the company's bitcoin wallet due to some attack. Dr. Saxena had originally divulged to the company that the balance of their private wallet has been zeroed.

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.

The private keys are required to move cryptocurrency out of bitcoin wallet. It looks like a crime committed intentionally.

Coinsecure acknowledged the hack to its two hundred thousand users via a letter posted on its website. Instead, the exchange points to the unconvincing claim of its CSO, Amitabh Saxena, who contends the theft occurred during a separate "exercise to extract BTG (Bitcoin Gold)" to distribute among its customers.

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"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", the exchange, run by Secure Bitcoin Traders Pvt.

Addressing the users' concern about the safety of the online currency portal, it also said that "your INR (Indian rupee) funds are safe with Coinsecure".

Delhi-based Coinsecure, founded by Mohit Kalra and Benson Samuel in mid-2014, launched its Bitcoin exchange on January 1, 2015, and has seen a fast-paced increase in the volume.

However, CEO Kalra judged Dr. Saxena's narrative to be fishy.

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"As the private keys are kept with Dr Amitabh Saxena, we feel that he is making a false story to divert attention and he might have a role to play in this entire incident".

For now, it is uncertain how the investigators will proceed as there is no clear regulatory framework for the crypto sector. "So the whole locus of Coinsecure can be affected in this case". However, after losing 10 bitcoins to a scam, the delinquent returned the remaining 90 bitcoins to the company.

According to the company, its systems were not compromised, but rather, this was an inside job. Share your views in the comments section.

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Coinsecure claims loss of bitcoins worth Rs19 crore