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Coins Guide & Analytics Regulations

Indian Exchange Delays Repayment of Lost Coins

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The Indian exchange Coinsecure had announced that a theft had occurred on 8th April. The loss was estimated at Rs 20 crore or US$3,067,220. They have updated the public regarding the disbursement of the stolen funds.

Coinsecure had announced on 21st April that the claims process had begun. They had said “We are hoping that by the following weekend [April 28-29], we should get started and you should be able to submit your claims withdrawals requests.”However, that deadline has passed and the exchange is now saying “there has been a delay on that front,” “When investigations are underway, we don’t have much of a say and do need permission from the authorities to start the compensation process, which we are yet to receive.”

While the authorities have been working hard to track down the lost BTC, Coinsecure has also been working with them and coordinating as well. There have been suspicions that the culprit is the Chief Security Office, Dr. Amitabh Saxena. This is based on a complaint that was filed on April 10 which was filled with the Cyber Crime Cell of the Delhi Police on April 10. The authorities advised the exchange to “confiscate [the suspect’s] system for further investigation,” which it followed and collected Saxena’s laptop.

Coinsecure’s CEO Mohit Kalra had written a letter to the authorities which had said, “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.”

While they are trying to make sure that all the funds that were stolen are returned by 9th April, there is some uncertainty involved. In case they are unable to recover the funds they “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.”

 

 

 

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