Biggest Cryptocurrency Breach Recorded in India’s Crypto Exchange

Biggest Cryptocurrency Breach Recorded in India’s Crypto Exchange

Bitcoin NEWS
Apr 13, 2018 by Pooja Nagpal
India's Cryptocurrency Exchange Suffered a breach of INR 20 Crore. The total 438 bitcoins were stolen, an internal member is allegedly accused.

INR 20 Crore’s Bitcoins were stolen from Indian Cryptocurrency Exchange

Indian cryptocurrency exchange encounters a breach worth INR 20 crore. CoinSecure is a Delhi based crypto exchange which has more than 2 Lac users account across India. The exchange has encountered the theft of 438 bitcoins which are equal to the worth of INR 20 crore.

This theft is considered as the biggest theft as of now in India. The company has lodged an FIR against the company’s CSO, Amitabh Saxena, as according to them he is the culprit in the matter. Coinsecure said that the bitcoins that were kept offline were missing. CoinSecure keeps the private keys and passwords offline, but according to the cyber police, the private keys were online for more than 12 hours, which has been hacked.

When the company attempted to track the hacker they found that all the affected wallets’ data logs were erased. They were unable to find where the bitcoins have been transferred and they have shut the company’s website just after the theft till now.

The company has asked to seize the passport of the CSO as they believe he may fly out of the country taking all the money. The FIR has been filed under IPC sections & section 66 of  IT act.

On this theft, the CEO of the company has issued the letter to its entire users expressing the inconvenience and inability of being helpless in this situation. The company also confirmed the hack last Thursday night on the website. The message on the website be was like that the company regrets that their Bitcoin funds have been exposed and are transferred where and how they are unable to track. This is the first time the company has suffered any breach, this has happened during an exercise of extraction of Bitcoin to distribute to the customers.

The company CEO said that the suspect is from anyone inside the company as private keys and passwords are never made online, someone has committed this crime purposely. They have shared all the information with the cyber cell for the interrogation and to find the culprit. He also ensured that if the funds will not be recovered, the company would pay to the customers from its pocket.