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438 bitcoins worth Rs 22 crore stolen from Delhi-based Coinsecure

Nearly 438 bitcoins worth over Rs 20 crore were reported stolen from Coinsecure, a Delhi-based cryptocurrency exchange. This is being reported as the biggest cryptocurrency theft in the country so far. Coinsecure has filed an FIR with the cyber cell accusing its Chief Security Officer, Amitabh Saxena, of stealing the money from the firm's bitcoin wallet. The company reportedly has urged the government to seize Saxena's passport, fearing that he may leave the country. A case has been registered under IPC sections and Section 66 of the IT Act. “Our Bitcoin funds have been exposed and seemed to have been siphoned out to an address that is outside our control,” the company said in a statement on its website. The firm is working toward recovering the money and “we reassure all our customers that you will be indemnified from our personal funds,” it said According to a report on the Economic Times, the exchange, which has over two lakh users across the country, found that all the bitcoins that were stored offline had vanished. It was later found that the private keys, used to safeguard the bitcoin wallet were leaked online, leading to the theft. The company reportedly tried to trace the perpetrators but found that all the data logs of the affected wallets had been erased, leaving no trace of where the bitcoins were transferred. The website of the company now redirects to the statement regarding the theft. RBI regulations may further worsen things Coinsecure’s efforts to recover the…

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Writes about consumer technology, social media, digital services and tech policy. Is a gadget freak, gamer and Star Wars nerd.

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