Probe in Coinsecure Theft is Holding Refunds

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Coinsecure, a cryptocurrency exchange based in India, lost 440 BTC due to theft on mid-April 2018. The company couldn’t start refunding the victims because of an ongoing police investigation.

The cryptocurrency exchange based in India, Coinsecure, experienced a crippling theft around mid-April 2018. The company is pointing the blame on a “rogue employee” who managed to steal around 440 BTC. The company is supposed to refund customers but a police investigation is currently underway. Coinsecure stated:

“When investigations are underway, we don’t have much of a say and do need permissions from the authorities to start the compensation process, which we are yet to receive. We will update you when we have definite dates around the start of the process.” – Coinsecure

Coinsecure then wrote new contracts to its customers for both Indian Rupees and bitcoin.

The company previously blamed its Chief Security Officer Amitabh Saxena for allegedly exposing its private keys while distributing bitcoin gold. Its Chief Executive Mohit Kalra assured its customers that they will be refunded using the company’s funds. He also added that it may take some time to recover the stolen BTC.

Coinsecure announced that if the stolen BTC are recovered, they will repay the customers in cryptocurrency. If not, they will pay 90% of it in Rupees. The payment which is a mix of BTC and Rupees will be based on April 9 price or under $7,000 a piece.

Coincheck, a cryptocurrency exchange based in Japan, experienced the same misfortune but through hacking. The Japanese crypto exchange almost took down Mt. Gox’s record with its 523 million XEM (NEM Tokens) or around $422 million stolen.

Source: Coindesk

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