Coinsecure claims loss of bitcoins worth Rs19 crore

Coinsecure claims loss of bitcoins worth Rs19 crore

Coinsecure claims loss of bitcoins worth Rs19 crore

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.

In what is perhaps India's largest cryptocurrency theft, Coinsecure, a cryptocurrency exchange with over 200,000 users has lodged an FIR with the cyber cell of the Delhi police. 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.

"It has also been asked that Saxena's passport should be seized as he may leave the country". "As 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". The company has filed an FIR with the cyber cell accusing Amitabh Saxena, CSO of Coinsecure, of taking out money from the firm's wallet. It was later found that the private keys - the password that is kept by the company and is stored offline - were leaked online, leading to the hack, the TOI report added. He said, "Private keys should have never been exported online".

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Trying to trace the hackers proved futile as the data logs of the affected wallets had been wiped off. It looks like a crime committed intentionally.

The company maintains that it has never been hacked or compromised and the incident took place when its CSO Dr. Amitabh Saxena was extracting BTG (Bitcoin Gold) to distribute to its customers. "Doc comes with an extremely strong understanding of the crypto space and has a lot of ideas and implementations that he will be bringing to Coinsecure", the exchange said at the time, pointing to his scientific research articles on the blockchain space. The company has halted the exchange operations, as the police seized the company's servers. "It further said that regulated entities which already provide such services shall exit the relationship within a specified time".

Coinsecure in its official statement has stated, "Irrespective of funds being recovered, we re-assure all our customers that you will be indemnified from our personal funds".

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A few days ago, the Reserve Bank of India (RBI) handed down an order banning local banks and financial institutions from engaging in any activities involving cryptocurrencies.

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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