Repayment for Stolen Bitcoins Delayed in India

Repayment for Stolen Bitcoins Delayed in India

Coinsecure, the largest Cryptocurrency exchange in India has said that it would not be able to repair consumers their stolen bitcoins at this moment. As the investigation continues, the exchange has however claimed that they require permissions from the authorities so that they can launch the claims procedures. Up to now, the claims process has not been received.

The Stolen Bitcoins

This exchange has come out to make clarifications in regards to the planned funds disbursements due to the stolen Bitcoins. In a previous statement, Coinsecure stated that a total of 438.31859715 BTC were stolen on the 8th of April 2018. These Bitcoins are estimated at a value of $3,067,220 {USD} or Rs 20 crore.

13 days after the digital coins disappeared, the exchange made a statement in which it stated that the claims process had already been launched. They had planned that by the weekend of 28th to 29th April; consumers would be able to submit their requests for claims withdrawals. Since the deadline is already gone, the exchange is now saying a different thing.

It is now claiming that there has been a serious delay on the front, as they haven’t been able to get permission from the Indian authorities to begin the compensation process.

Collaborating Efforts with the Authorities

In an effort of ensuring that they recover their lost Bitcoins, Coinsecure has been so corporative with the authorities. Based on a report by the exchange, their main suspect is Dr. Amitabh Saxena, who is its Chief Security Officer.

On April 10th, two days after the BTC were stolen; Coinsecure filed a complaint with the Delhi Police’s Cyber Crime Cell. The police suggested that the suspect’s system should be confiscated to help in further investigations. Saxena’s laptop was later picked up.

“He Keeps the Private Keys”

, claims the Exchange’s CEO

Mohit Kalra, who is the Chief Executive Officer of Coinsecure, then wrote to the authorities stating that Dr. Saxena might have something to do with the theft. Mr. Kohit said that Dr. Saxena is the one who keeps the private keys and he could be making a false story to divert the attention of the platform and the investigating authorities.

If all the lost BTC are recovered, the exchange has stated that the consumers who were affected would be paid based on the balance they had on the 9th of April.

10% Bounty on Any Assistance Offered

Since the exchange appears to be looking for all means of ensuring that the lost BTC are recovered, it has placed a 10% bounty for any help that might be provided by members of the public. The community, at large, has been asked to step in and help in whatever way they might be able to.

Good News on the other Side

Even as Coinsecure appears to be passing through windy storms, things appear to be bright for it in Venezuela.

Just last week, the country listed the Indian exchange (Coinsecure) as one of the platforms authorized to trade there. This move was made by the Venezuelan president who thought it would help in the efforts of reviving Petro, which is the new currency of the country.

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