Bitcoins worth almost Rs 20 crore stolen, says Coinsecure

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Coinsecure that reportedly lost almost $3 million worth bitcoins (around Rs 20 crore in Indian currency) announced a bounty of 10% for any help towards the recovery of the stolen bitcoins.

Bitcoins in India were trading at Rs 4,80,000, or about $7,359 on Friday, according to cryptocurrency exchange Coinome, well below its worldwide market price of about $7,771.

"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". Its parent company has filed a complaint with local police and asked authorities to bar Saxena from leaving the country until the probe is completed.

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The company has also attached a copy of an FIR by Coinsecure CEO Mohit Kalra on the incident, where it says "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 the entire incident".

The firm has registered a complaint with the Delhi Cyber cell after it was not convinced by the alibi given by its chief security officer (CSO) Amitabh Saxena. The police reportedly found that the private keys were exposed online for more than 12 hours and are checking if a malware infection led to the hack. The company's efforts to trace the hackers was unsuccessful, since all the data logs of the affected wallets had been erased. It looks like a crime committed intentionally. It names the CSO, Dr. Amitabh Saxena and says that the funds were lost in the process of the extraction of the private keys to distribute the BTG. 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. Saxena could not be contacted, so right now we only have Coinsecure's statement, however, the company has mentioned on its website that it's working to recover customers' funds, and it reassured all customers that they will be indemnified from Coinsecure's personal funds. In view of the issues such as money laundering, the Reserve Bank of India has directed entities (such as banks and payment gateways) regulated by the RBI to stop dealing with or providing any services to individuals or businesses indulging with virtual currencies in any form. Pantera Capital Management, one of the biggest cryptocurrency hedge funds, says $6,500 was the low of this bear market and Bitcoin will stay above that price for the majority of the next year, likely surpassing the previous record of nearly $20,000.

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