Crypto-Exchange Coinsecure Robbed-Off Bitcoins Worth Rs. 22 Crore

Delhi-based crypto exchange Coinsecure reported theft of 438 bitcoins that costs Rs 22 crore from its wallet. The FIR has been registered with the cyber cell of Delhi Police by the company and it suspects its own CSO to be involved in the theft.

The company said the incidence occurred at the time of drawing bitcoin gold or BTG for distribution among its customer base. "The current issue point towards losses caused during an exercise to extract BTG to distribute to our customers. Our CSO, Dr Amitabh Saxena, was extracting BTG and he claims that funds have been lost in the process during an extraction of the private keys", said the company.

The company in the lodged FIR alleged "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". "The incident reported by Dr Amitabh Saxena does not seem convincing to us."

Furthermore, on fears of Saxena's likely flee from the country, the company has asked the Police to seize his passport.

Coinsecure's website is not functioning since the incident is reported. The company added, "We are working round the clock to restore services and to try and recover all of the lost funds, and we shall keep all our users posted on the outcome of the details to ensure utmost transparency".

Meanwhile, the company asked its customers to stand by it in the period of need and assured that they will be compensated for their losses from the company's funds.

Coinsecure is the first crypto-currency exchange in India that offered real-time trading in the crypto. The company also offers a wallet service as part of which registered users can keep their holdings either as cash or bitcoin.

Also, it was among the 9 bitcoin trading exchanges scrutinized by the Tax department in December last year.

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