$3.5 Mn Worth Of Bitcoin Stolen, Reports Indian Cryptocurrency Exchange Coinsecure

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$3.5 Mn Worth Of Bitcoin Stolen, Reports Indian Cryptocurrency Exchange Coinsecure

The company claims that almost 438 bitcoins have been siphoned off by Amitabh Saxena, its Chief Scientific Officer (CSO) - as declared on the Coinsecure's website. This is regarded as the biggest theft of cryptocurrency in India so far as altogether 440 bitcoins were stolen by hacking e-wallets.

Coinsecure acknowledged the hack to its two hundred thousand users via a letter posted on its website.

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. In a letter posted on the homepage of its website, Coinsecure says that its system has never been hacked and instead laid the blame exclusively on its chief security officer (CSO), Dr. Amitabh Saxena.

"Our system itself has never been compromised or hacked, and the current issue points towards losses caused during an exercise to extract BTG [Bitcoin Gold] to distribute to our customers". The company's director Mohit Kalra - who signed on the complaint - couldn't be reached on his mobile phone Friday.

When dealing with cryptocurrencies, a user is usually given a public address and a private key to send and receive coins or tokens. "It looks like a crime committed intentionally", he added. "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", reads the first information report filed by the company with the Delhi police. He added that they contacted specialists to find out the source of the hack and trace the stolen funds. But even though a user has tokens deposited into his address, he won't be able to withdraw them without the unique private key, which is made up of 51 alphanumeric characters.

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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.

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

The news has come as a jolt for cryptocurrency investors, after RBI recently announced that banks are no more allowed to deal with crypto currency exchanges.

As the private keys were leaked online with no data logs left behind, the company suspected it to be an insider's job.

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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