To recover lost bitcoins, Coinsecure offers Rs 2 crore as reward

India Blockchain News India State record DNA using blockchain technology smartereum

India Blockchain News India State record DNA using blockchain technology smartereum

New Delhi-based Coinsecure, India's leading cryptocurrency exchange, said in a police complaint that it lost almost 438 bitcoins worth over $3 million after most of its wallets were hacked. The incident is being dubbed as one of the biggest cryptocurrency thefts in the country to date.

"On 9th April 2018, we were informed by our CSO, Dr. Amitabh Saxena, that 438.318 (worth over $3 million) were stolen from our company's bitcoin wallet due to some attack".

The FIR also asks the police to confiscate Saxena's passport, saying, "he might fly out of the country soon". Owing to the suspicion, CEO Kalra stated in the police complaint that Dr. Saxena "is making a false story to divert [his] attention and might have a role to play in this entire incident".

The Delhi-based cryptocurrency exchange stored all its bitcoins in an offline wallet which was only accessible by CEO Mohit Kalra and the accused CSO Dr. Amitabh Saxena.

Karla told Times of India, "Private keys should have never been exported online". Coinsecure have filed an FIR (First Information Report) with the Cyber Cell of Delhi and investigation has already begun on the case.

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. It looks like a crime committed intentionally.

"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 release said, adding that they are doing everything they can to recover the funds.

According to cryptocurrency exchange Coinome, on Friday, bitcoins were trading at Rs. 4,80,000 or about $7,359, which was well below its global market price of about $7,771.

And, "We are hoping that as users of Coinsecure, you will stand by us in this hour of need by providing us with your help and support as we diligently work to ensure that all of our customers' funds are recovered and to leave no stone unturned".

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.

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 adds that they will compensate all customers whether they recover the lost funds or not, adding that they will even use their own personal funds to do so.

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