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

Mae Love
Апреля 14, 2018

"We were informed by our CSO, Dr. Amitabh Saxena, that 438.318 bitcoins, (worth INR 19 crores- Approx.) were stolen from our company's bitcoin wallet due to some attack".

The release says that Saxena was in the middle of splitting Bitcoin Gold (BTG) meant to be distributed to users when the funds were allegedly stolen.

An official at Delhi-based Coinsecure was extracting Bitcoin to distribute to customers and he claims the funds were lost in the process, parent company Secure Bitcoin Traders Pvt. said in a statement posted on Coinsecure's website late Thursday.

Yesterday, the company issued a message for its users on its homepage, saying their system has never been compromised or hacked.

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

The FIR says, "As the private keys are kept with CSO 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".

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The complainant has also made a request to the police to seize Dr. Amitabh Saxena's passport so he can not fly out of the country. Bhardwaj had introduced the first online retail marketplace accepting bitcoin in the country in 2014.

The robbery became the biggest reported incident in the country's fledgeling virtual currency market and is feared to further weaken trade in cryptocurrencies. It was later found that the private keys - the password that is kept by the company and is stored offline - were leaked online, leading to the hack, the TOI report added.

The Delhi Police have registered a case under the Information Technology Act. 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.

"Dr. Amitabh Saxena appointed barely 6 months ago has the private key to Coinsecure's wallet?!" It looks like a crime committed intentionally. The Cyber Cell has seized the company's servers to check the extent of the system breach and whether more wallets have been compromised.

He added that if the bitcoin funds are not recovered, Coinsecure is willing to pay from its own pocket to compensate its customers. The exchange states that customer's funds are safe with Coinsecure and it will keep its users updated.

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.

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