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Coinsecure, an Indian Bitcoin [BTC] and crypto exchange gets hacked – $3 million wiped off!

Anoushka Shrestha



Coinsecure Hacked and Bitcoin Stolen
Source: Pixabay

In a notice to its users, Coinsecure confirmed the rumors yesterday and said that their Bitcoin offline wallets were hacked and hackers siphoned off with 438 BTC worth ~$3 million.

Although the letter claims that there was never a hack, latest developments breaking out of Delhi reveal, that the private keys to the offline wallets were leaked online and the hackers siphoned with the BTC leaving no trace of the hack or transfer of Bitcoins.

Coinsecure's letter

Coinsecure’s letter

Although users of Coinsecure were frustrated, the letter clearly stated that all victims of the hack will be compensated irrespective of the stolen funds being recovered. The police complaint accuses an insider, Dr. Amitabh Saxena as the key perpetrator in the incident.

FIR filed by Coinsecure

FIR filed by Coinsecure

Delhi Police Cyber Cell has registered a case was under IPC sections and Section 66 of the IT Act. The latest developments reveal that the hacker[s] deleted all the history related to the affected wallets. The missing data logs could have revealed the where the stolen Bitcoin was transferred.

This incident occurred just days after the RBI (Reserve Bank of India) issued a statement stating that all RBI regulated entities will not participate in the transactions related to cryptocurrencies.

We have reached out to Coinsecure and the Delhi Police Cyber Cell division, there will be more updates soon.

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Anoushka is a full-time journalist at AMBCrypto, passionate about writing with a degree in B.A. Combined Humanities. She holds no value in cryptocurrencies currently.

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