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Bitcoins Stolen From Coinsecure - Indian Cryptocurrency Exchange

  • 4.7 (5 Votes)
  • 61570 views

In this breaking news update, Coinsecure cryptocurrency exchange has lost 438 bitcoins worth Rs 19 crores. Coinsecure lost the Address for its Bitcoins while trying to extract Bitcoin Gold for its customers. Find here an update on the Sequence of Events that took place before and after the hack.

As per a recent mailers from Coinsecure Team to its users - Bitcoins worth Rs. 19 Crores (190 Million Rupees) have been stolen from India's Largest cryptocurrency exchange. Around 438 BTC were lost by the company while trying to extract Bitcoin Gold for its past transactions. Coinsecure is one of the leading names into the Indian Cryptocurrency Ecosystem and has never been faced by hacks in the past. As per the reports on Crunchbase the company has already raised an amount of US Dollar 1.5 million and was set out to be the biggest Cryptocurrency Exchange in the Indian subcontinent. 

Coinsecure Crunchbase

However, the exchange has now put out an official notice on its website explainig the blunder it made while extracting BCG. Coinsecure has confirmed that its systems was neither hacked nor compromised however in the copy of the police FIR on its website, Coinsecure has laid the blame on its CSO, Dr. Amitabh Saxena.

The sequence of events that took place place on the 9th of April, 2018 are as follows:

  • 9th April, 2018 - Compromise of Coinsecure CSO's system: 438.31859715 Bitcoins were siphoned out to BTC Address: 1BaEJquitskdXcTj53Uy6PuUtJ5a8ETWpA between 12:35 am IST – 6:29 am IST. CSO, Dr. Amitabh Saxena calls Coinsecure CTO to inform that funds had been lost at around 12:30 pm IST. CSO, CTO and CEO immediately got onto a conference call, where Amitabh explained the sequence of events, and the steps he followed to extract BTG. As per Coinsecure team, the scenario outlined by Dr. Amitabh Saxena and the procedures explained, did not follow the standard protocol. For someone of Amitabh's stature being online when private keys were extracted, saving them in clear text format, was unacceptable! Too many coincidences noticed for a hack of this nature to occur. The call ended on an inconclusive note.
  • 9th April, 2018: The tech team gets onto investigate possible hack scenarios. Multiple calls followed thereafter, trying to get more details of the incident and a possible recovery of BTC lost. Amitabh stated that initial virus scanners that he ran on his system had not picked up anything, and seeks help. Coinsecure tech team further checked his system for clues or BTC available on his local system, but were unsuccessful.
  • 10th April, 2018 – Complaint was filed with the Cyber Cell, Delhi and Coinsecure team was advised by authorities to confiscate system for further investigation. Procedures followed as advised by the Cyber Cell authorities to collect Amitabh's laptop.
  • 11th April, 2018 – FIR was filed at the Cyber Cell, Delhi, post handing over of the confiscated laptop. Investigations is still underway. Red Alert was issued with Line of Control (LoC). Prime suspect is still CSO, Dr. Amitabh Saxena.
  • 12th April, 2018– Public Announcements were made as advised by the Cyber Cell authorities and various processes and steps were taken to recover funds. As per Coinsecure team, a detailed synopsis of the events on the 12th and 13th April, 2018, will follow soon when they are ready to go live with their public announcements.

In nutshell, the Coinsecure website claims that since the funds have been siphoned off to another wallet address, it is beyond their control now. As per the FIR filed by the company, only two people have access to the keys to their Bitcoin wallet, the CSO Amitabh Saxena and the CEO Mohit Kalra. The company claims that on the 9th of April, their CSO contacted them stating that the funds have been stolen due to an attack. The company has also informed the cyber cell that Mr. Saxena holds and Indian passport and may abscond.

Coinsecure has also sent out e-mails to their users apologizing for this incident and have asked for their support. The company states that regardless of these Bitcoins being recovered, they will be indemnified for their loss. However, no timelines have been specified. However, many believe that with the recent band by RBI on Bitcoins in India this was an internal move tosiphon away the cash reserves of the company by the Management.

New Delhi based Coinsecure was one of the trusted names in the Indian cryptocurrency markets. Thousands of users were actively trading Bitcoins using the platform and they were even working on adding multi-coin support. The exchange recently launched applications for Android and iOS operating systems. However, following this incident, the future of Coinsecure hangs in the balance. 

Dr. Tanvi Tuteja Mansukhani

About The Author

Obstetrician Dr. Tanvi Tuteja Mansukhani
Mumbai

Dr. Tanvi Tuteja Mansukhani is an Infertility Specialist and Obstetrician hailing from Mumbai and has an experience of more than half a decade. She completed MBBS from KJ Somaiya Medical College And Research Centre in 2006. She later continued with her Diploma in Gynaecology and Obstetrics from College Of Physicians and Surgeons Of Mumbai in the year 2008. She came to Delhi to complete her DNB in Obstetrics and Gynecology from National Board of Examinations, New Delhi in 2011. She is the member of the Mumbai Obstetrics and Gynecology Society and Association of Medical Women in India (AMWI) and was also awarded a fellowship in Reproductive Endocrinology (Infertility) at Seoul, South Korea in the year 2015. She is an IVF and IUI expert and also treats patients who require high-risk pregnancy care. She is presently practicing at a Multi-Speciality Hospital named Sunny Hospital in Chembur, Mumbai. You can get the contact details of Dr. Tanvi Tuteja Mansukhani at elawoman.com

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    5 Comments

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    Sanjay Verma

    I can't believe nothing can be done to get the suspect red-handed and we are waiting for the next announcement to be released.

    July 11, 2018, 11:56 p.m. 4.5

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    Seema Rout

    I invested in bitcoin a few days ago.

    June 14, 2018, 12:42 p.m. 5.0

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    Abhijay Mahajan

    I knew it already, Bitcoin was never a safe option.

    June 4, 2018, 3:43 p.m. 5.0

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    Navin Rajput

    This article explains a little carelessness can destroy you in a matter of few seconds. Worth sharing!

    May 31, 2018, 5:15 p.m. 4.5

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    Pagare Ramesh Pandurang

    April 30, 2018, 11:10 a.m. 4.5

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