Someone stole $3 million from Coinsecure Bitcoin exchange

Benchmark yield rose 16 basis points to 7.54% at the close on Wednesday. It has risen 41 basis points in four days erasing most of 50-basis point drop in five days through 5 April

Indian bitcoin exchange Coinsecure has denounced its chief strategist officer (CSO) Dr. Amitabh Saxena for siphoning off 438 bitcoins, equating to $3.4 million United States dollars, from the company's primary wallet. This is regarded as the biggest theft of cryptocurrency in India so far as altogether 440 bitcoins were stolen by hacking e-wallets. Saxena, on the other hand, claims that funds were lost in the process during the extraction of the private keys. The images contained a statement signed by the Coinsecure team announcing the incident, and a scanned copy of a police complaint Coinsecure CEO Mohit Kalra filed with New Delhi police. In its statement and the FIR, the company has stated that the explanation of the event by its CSO Dr. Amitabh Saxena was unsatisfactory and he should not be allowed to fly overseas until the matter gets resolved. That said, users who had taken their Bitcoin offline or stored them elsewhere will not be affected, only those who were using Coinsecure as a wallet as well as an exchange. It later found that users' private keys, which are the passwords it stored offline, were leaked online and led to the hack. A case has been registered under IPC sections and Section 66 of the IT Act.

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.

According to Coinsecure, the funds were lost while their Chief Strategist officer (CSO) Amitabh Saxena was extracting Bitcoin Gold (BTG) to distribute to their customers. He added that they contacted specialists to find out the source of the hack and trace the stolen funds.

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Coinsecure said it would compensate customers for losses from its existing funds.

The police have seized the company's servers and found that the private keys, which are never supposed to be connected to an online system, were not only online, but were there for over 12 hours. "Doc comes with an extremely strong understanding of the crypto space and has a lot of ideas and implementations that he will be bringing to Coinsecure", the exchange said at the time, pointing to his scientific research articles on the blockchain space. "The firm is working toward recovering the money and we reassure all our customers that you will be indemnified from our personal funds", it added.

Coinsecure is one of the more well known crypto-currency exchanges in India, and one that multiple Bitcoin traders have recommended to us in the past.

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