Indian Exchange Coinsecure Hit By $3.5 Million Bitcoin Theft

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NEW DELHI:, an, said almost $3 million (nearly Rs 20 crore) were stolen from its wallet, the biggest reported so far in the country's fledgling virtual currency market.

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.

"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. The complaint accuses the exchange's chief scientific officer, Amitabh Saxena of having a role in the incident.

Coinsecure had recently launched Android and iOS apps and it was moving towards a multi-coin architecture.

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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. The Coinsecure theft is one of the biggest cryptocurrency thefts in India.

Near to 11,000 people are said to be affected due to the hacking of Coinsecure.

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.

Karla told Times of India, "Private keys should have never been exported online". It looks like a crime committed intentionally.

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The exchange says they will compensate customers whether they recover the stolen funds or not. The fraud came to light when users who had bought bitcoins from the exchange were complaining that they were not able to access their funds for the past few days.

According to TOI, the police have seized the firm's servers and are examining them to find out if more wallets have been compromised and also to find out if a malware infection could be responsible for what happened. It effectively makes it impossible for users to transfer money from their bank accounts to crypto exchanges and virtually bans the use of crypto currencies in the country.

The development comes at a time when the Reserve Bank of India has asked banks and other regulated entities to stop dealings with any kind of cryptocurrenices.

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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