Indian Exchange Coinsecure Says $3.4 Million Worth Of Bitcoins Stolen

The CEO of the Indian cryptocurrency exchange Coinsecure accused CSO of his company of stealing 438 bitcoins. Nowadays it is over $3 million according to today’s Bitcoin rate.

Coinsecure statement

Directly on the main page of the Indian currency exchange Coinsecure, there are copies of two documents, informing that 438 bitcoins were stolen from Coinsecure, that is, about 3,400,000 dollars at the current rate.

The first document is an official statement of the Coinsecure developers about the incident. The second document is a copy of the statement submitted to the police of New Delhi by the head of Coinsecure Mohit Kalra.

At the same time, the official statement claims that the Coinsecure cryptocurrency exchange was not compromised or hacked. Instead, the company accuses Dr. Amitabh Saxena, who holds the company’s CSO post, in the incident. The incident allegedly occurred during an attempt to distribute the Bitcoin Gold (BTG) between the clients of the service. The latter claims that all funds were lost in the process, during the extraction of private keys. According to Mohit Kalra, only he and Saxena had the access to the private keys.

However, the second statement that CEO of the exchange, Mohit Kalra sent to the police in New Delhi, claims that according to Saxena, 438,318 BTC were stolen from the bitcoin wallets of the exchange due to some attack.
The management of the exchange questions the words of the head of the security department. According to the Coinsecure administration, Saxena made up a story about attack to divert their attention. They think he might have a role to play in this entire incident.
As for the stolen funds, the exchange assured that all affected customers will receive compensation from the the founders’ personal funds.

Reserve Bank of India

It is worth noting, this incident occurred just a few days after the Reserve Bank of India formally banned regulated companies from dealing with cryptocurrency companies. In addition it banned regulated companies from providing service to users, holders and traders of cryptocurrencies. This regulation caused a wave of panic sales in the local market.

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