Bitcoin worth 3 million stolen from Indian Cryptocurrency Exchange Coinsecure

Coinsecure—one of the leading names in Indian cryptocurrency exchanges reported the biggest cryptocurrency theft in the country so far. New Delhi based Coinsecure lost nearly 438 bitcoins worth over Rs 20 crore after most of its wallets were hacked.

The fraud came to light when users who had bought bitcoins from the platform were complaining that they were not able to access their funds for the past few days. The exchange put up an official notification on their website and sent out emails to their users explaining the situation

“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 Coinsecure’s statement read.

“The current issue points towards losses caused during an exercise to extract BTG to distribute to our customers. Our Chief Strategist officer (CSO) Dr. Amitabh Saxena was extracting BTG and he claims that the funds have been lost in the process during the extraction of the private keys.”

Coinsecure have filed an FIR (First Information Report) with the Cyber Cell of Delhi and an investigation has already begun on the case. The company has also shared a copy of the FIR on their website.

ew Delhi based Coinsecure was one of the trusted names in the Indian cryptocurrency markets. Thousands of users were actively trading Bitcoins using the platform and they were even working on adding multi-coin support. The exchange recently launched applications for Android and iOS operating systems. However, following this incident, the future of Coinsecure hangs in the balance. Stay tuned with us for more updates on the story as it develops.

The FIR stated, “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 this entire incident. The incident reported by Dr. Amitabh Saxena does not seem convincing to us.

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