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Coinsecure to repay its Customers

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Coinsecure is an Indian crypto exchange which has decided to reimburse all of their customers for the recent theft of Bitcoins. In addition, they will give a 10% bounty, of about 20 million rupees, worth about US$306,722, “to anyone who helps them recover the lost bitcoins,” the Economic Times reported on Saturday.

The company issued a statement on Friday:
“We are also seeking help from the Bitcoin community and all our users who can help us identify the hacker or give us any information that could lead us to recover funds…We are happy to issue a bounty of 10% to the community for help rendered for [the] recovery of BTC.”

Where Did the Coins Go?

1BaEJquitskdXcTj53Uy6PuUtJ5a8ETWpA is the address to which the stolen bitcoins were transferred, according to Coinsecure. The company has already called in for the services of the police and investigations are currently being carried. A theft report has been filed by them in the Delhi Cyber Crime Cell. A case was registered under Section 66 of the IPC and the IT Act.

According to News18, “the company’s servers have been seized to get information about [the] hack…Many senior officials of the company have [also] been called for questioning.” “Coinsecure tried to track the hackers, but the wallet was stolen, their data log was erased. For this reason, there was no clue about the transfer of bitcoins.”

Repayment Plan

The company announced on Saturday that “should we be able to recover all of our BTC, all our customers’ BTC holdings will be refunded as per the balance they held with Coinsecure.”

However, the exchange warned that: If recovery of siphoned BTC is not possible, then we will apply the lock in rates as of the 9th of April, 2018. 10% of the coin holding balance will be refunded in BTC and 90% will be returned in INR.

“Details on procedures to be followed will be issued sometime next week, as we are planning on how we can go back online and help with withdrawals of INR and BTC balances, and are waiting for the go-ahead from the authorities,” the exchange elaborated.

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