438 Bitcoins Disappear From India’s Popular Crypto Exchange April 13, 2018 June 15, 2018 Tim Glocks
Analysis NewsApril 13, 2018 by Tim Glocks

438 Bitcoins Disappear From India’s Popular Crypto Exchange

Coinsecure, one of the most popular cryptocurrency exchanges, have lost approximately 438 Bitcoins, worth about 3 million (INR 19 crores) in what seems to be a case of siphoning by an insider. M/s Secure Bitcoin Traders Pvt Ltd., the parent company of Coinsecure, has filed a police complaint against its CSO (Chief Strategy Officer) Dr.Amitabh Saxena.

The theft came to limelight when the company made an attempt to extract BTG to distribute to its customers. According to Coinsecure, Saxena, who was given the job of extracting BTG, claimed that funds have been lost in the process of extraction of the private keys.

The company has filed a complaint with the cyber cell, Delhi police and investigations have already started. The copy of FIR (first information report) indicates the private keys were held by Saxena and the company’s CEO Mohit Kalra.
The company has also requested the police department to block the passport of Saxena so that he does not fly away from the country.

Coinsecure has assured that it is working round the clock to recover lost cryptocurrencies and has sought moral support from its clients. The company had recently launched its Android and iOS app, and was planning to migrate to multi-coin architecture.

AuthorTim Glocks

Tim is a retired professor in economics, this background has enabled him to provide a insight into the cryptomarket. His indepth analysis as well as news on legislations around the world will help you to understand what the state of play is.

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