Bitcoins worth Rs 20 crore stolen from India

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Nearly 438 Bitcoins worth Rs 20 crore stolen from India’s leading cryptocurrency exchange Coinsecure after most of its wallets were hacked in one of the biggest cryptocurrency theft in the country so far.

The fraud came to light when users with bitcoins on the platforms complained of not being able to get access to their funds from last few days.

Coinsecure put up an official notification on its website and sent out emails to their users explaining the situation.

“We regret to inform you that our bitcoin funds have been exposed and seem to have been siphoned out to an address that is outside our control” the statement read.

“The current issue points towards losses caused during an exercise to extract BTG to distribute to our customers. Our Chief Strategist Officer (CSO) Dr. Amitabh Saxena was extracting BTG and he claims that the funds have been lost in the process during the extraction of the private keys,” it added.

The exchange has filed an FIR with Delhi’s Cyber Cell and an investigation has already begun on the case. The company has also shared a copy of the FIR on their website.

The CSO claims that the funds were lost during the process of extraction of BTG. While only the CSO and the CEO have access to the private keys of the company’s official wallet, the exchange believes that CSO has made up this story of the loss of funds.

The FIR stated, “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. The exchange in the FIR requested the authority to seize Dr. Amitabh Saxena’s passport so he cannot fly out of the country.”

Moreover, the exchange stated that it is moving round the clock to ensure all of the customer’s funds are recovered.

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