Bitcoins Worth Rs19 Crore Stolen From Indian Cryptocurrency Exchange CoinSecure

Bitcoins Worth Rs19 Crore Stolen From Indian Cryptocurrency Exchange CoinSecure

Speaking to Inc42, Coinsecure CTO Benson Samuel said, "Now, that the FIR has been filed, we can't proceed the case at our end and are waiting to have further updates from the police on the matter".

The company has also attached a copy of an FIR by Coinsecure CEO Mohit Kalra on the incident, where it says "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 the entire incident". "Dr Amitabh Saxena also has an Indian passport and he might fly out of the country, therefore, his passport should be seized so he cannot fly out of the country".

Although Coinsecure is telling its users that it was not hacked, details provided on a report by The Times Of India (TOI), suggests that private keys were leaked online, which allowed hackers to steal these bitcoins.

Informing its customers, the company said that 438.318 bitcoins were allegedly stolen from its wallet by attackers.

Coinsecure, which claimed to have over two lakh users across the country raised over $1.2 million investment round in 2016.

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The company tried to trace the hackers, but found that all the data logs of the affected wallets had been erased, leaving no trails about where the bitcoins were transferred.

On Thursday night, the company confirmed the hack to their users through a message posted on the website. "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". However, after losing 10 bitcoins to a scam, the delinquent returned the remaining 90 bitcoins to the company.

Coinsecure said that its system itself has never been compromised or hacked and the current issue points towards losses caused by an exercise to extract BTG to distribute to customers. Coinsecure requested the seizure of Dr. Saxena's passport.

The private keys are required to move cryptocurrency out of bitcoin wallet. "It looks like a crime committed intentionally", he added. It also serves as a Bitcoin wallet. Saxena could not be contacted, so right now we only have Coinsecure's statement, however, the company has mentioned on its website that it's working to recover customers' funds, and it reassured all customers that they will be indemnified from Coinsecure's personal funds. The senior security officials of the company have also been called in for questioning.

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