• Press Releases
    • Submit a press release
    • Read All
  • Advertise
  • Contact us
Crypto.com Logo Crypto.com Logo
Bitcoinist.com
No Result
View All Result
  • Bitcoin
    • News
    • Price
    • Businesses
    • Acceptance
    • Technology
    • Investment
    • Regulation
    • Reviews
    • Gambling
    • All Bitcoin News
  • Altcoins
    • News
    • Price
    • Ethereum
    • Ripple
    • Litecoin
    • EOS
    • NAGA
    • All Altcoin News
  • Tech
    • Blockchain
    • Security
    • FinTech
  • Industry
    • Industry News
    • Press Releases
  • Price
    • Bitcoin Price
    • Ethereum Price
    • Litecoin Price
    • Binance Coin Price
  • How to
    • Buy gift cards/mobile Top Ups with Cryptos
    • What Is Bitcoin?
    • Best Bitcoin Wallet
    • Bitcoin vs Ethereum
    • Why Use Blockchain Technology?
    • Bitcoin Cash ABC vs. Bitcoin Cash SV
    • How to Buy Cryptocurrency
    • Bitcoin Mining
    • Best Bitcoin Brokers
    • Best Bitcoin Forex Brokers
    • How To Earn Bitcoin
    • What is Facebook Libra?
    • Ripple and XRP: The Complete Guide
    • Bitcoin Casinos – Where, What and How to Play
  • Events
  • Play Games
  • Play Casino Games
  • Win 1 BTC
  • Play Finance
Breaking News: Billionaire VC Tim Draper Tells Businesses To Keep Payroll In Bitcoin
  • Bitcoin
    • News
    • Price
    • Businesses
    • Acceptance
    • Technology
    • Investment
    • Regulation
    • Reviews
    • Gambling
    • All Bitcoin News
  • Altcoins
    • News
    • Price
    • Ethereum
    • Ripple
    • Litecoin
    • EOS
    • NAGA
    • All Altcoin News
  • Tech
    • Blockchain
    • Security
    • FinTech
  • Industry
    • Industry News
    • Press Releases
  • Price
    • Bitcoin Price
    • Ethereum Price
    • Litecoin Price
    • Binance Coin Price
  • How to
    • Buy gift cards/mobile Top Ups with Cryptos
    • What Is Bitcoin?
    • Best Bitcoin Wallet
    • Bitcoin vs Ethereum
    • Why Use Blockchain Technology?
    • Bitcoin Cash ABC vs. Bitcoin Cash SV
    • How to Buy Cryptocurrency
    • Bitcoin Mining
    • Best Bitcoin Brokers
    • Best Bitcoin Forex Brokers
    • How To Earn Bitcoin
    • What is Facebook Libra?
    • Ripple and XRP: The Complete Guide
    • Bitcoin Casinos – Where, What and How to Play
  • Events
  • Play Games
  • Play Casino Games
  • Win 1 BTC
  • Play Finance
Bitcoinist.com
No Result
View All Result
Breaking News: Billionaire VC Tim Draper Tells Businesses To Keep Payroll In Bitcoin
hacks and data breach
Advertisement

$3.5 Million in Bitcoin Stolen in Coinsecure Exchange Hack – Security Chief Suspected

Nikita Blows by Nikita Blows
5 years ago
in Bitcoin, Bitcoin Exchange, Bitcoin Gold, News, News teaser
0
Advertisement

Users of Indian cryptocurrency exchange, Coinsecure, who tried to access their bitcoins were met with a nasty surprise when it became evident that the exchange had been hacked.


According to the International Business Times, Coinsecure is the latest crypto exchange to experience a security breach. Most of the wallets on the Indian platform were hacked, resulting in the loss of more than 430 bitcoins with an approximate value of over $3.5 million.

Don't wait! Jump on this Crypto Deal and get a 150% Welcome Bonus plus 100 Free Spins on your deposit today!

After users became aware of the unfortunate situation, the exchange put up the below statement:

We regret to inform you that our Bitcoin funds have been exposed and seem to have been siphoned out to an address that is outside our control.

According to the exchange, the hack appears to have occurred when Coinsecure was in the process of extracting Bitcoin Gold (BTG) to allocate to their clients:

The current issue points towards losses caused during an exercise to extract BTG to distribute to our customers. Our Chief Strategist officer (CSO) Dr. Amitabh Saxena was extracting BTG and he claims that the funds have been lost in the process during the extraction of the private keys.

438 bitcoins worth about Rs 20.5 crore allegedly stolen from Delhi based exchange, Coinsecure. #Coinsecure #bitcoin #Crypto pic.twitter.com/HissBDPxwv

— Neil Borate (@ActusDei) April 12, 2018

BitStarz Player Lands $2,459,124 Record Win! Could you be next big winner?
570% up to 12 BTC + 300 Free Spins for new players & 1 BTC in bonuses every day, only at Wild.io. Play Now!

All Is Not as It Seems

However, some Coinsecure team members are convinced that the hack was an inside job. According to a First Information Report (FIR) filed by the exchange, suspicion is falling on Saxena himself:

…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. The incident reported by Dr. Amitabh Saxena does not seem convincing to us. The exchange in the FIR requested the authority to seize Dr. Amitabh Saxena’s passport so he cannot fly out of the country.

Crypto Fraud in India

Crypto Fraud in India

This is not the first case of insider fraud in the Indian cryptocurrency community. Earlier this month, the founder of Gainbitcoin, a crypto investment firm, was arrested on charges of fraud. Amit Bhardwaj and his accomplices managed to scam victims out of nearly $300 million before they were caught.

Fraud in the cryptocurrency industry is in the millions for this year alone, $670 million in fact. Eager, but sometimes inexperienced, investors may feel inspired to throw caution to the wind when the crypto market is performing well but as with any investment, a fair amount of research needs to be done before trading. Recovering stolen funds may not be a given, especially in this decentralized industry.

Coinsecure Is on the Case

However, in the case of Coinsecure, the exchange has promised their clients that they are working hard to recover the lost funds. The case is currently under investigation by the Cyber Crime Cell of Delhi.

Do you think Coinsecure’s hack was an inside job? Let us know in the comments below!


Images courtesy of Shutterstock, DepositPhotos

ShareTweetShareShare

Sign Up for Our Newsletter!

For updates and exclusive offers enter your email.

I consent to my submitted data being collected and stored.

Nikita Blows

Nikita Blows

Related Posts

Bitcoin and crypto this week

Bitcoin And Crypto Face These Key Dates In The Week Ahead

2 hours ago
Bitcoin Hashrate Hits 400 EH/s As Miners Profit From Bull Market

Bitcoin Hashrate Hits 400 EH/s As Miners Profit From Bull Market

2 days ago
bitcoin Tim draper

Billionaire VC Tim Draper Tells Businesses To Keep Payroll In Bitcoin

2 days ago
Nasdaq

Nasdaq Targets Mid-2023 For Crypto Custody Launch

2 days ago
Bitcoin

Bitcoin, Other Cryptos See $360 Million Sold Off In Single Day – Here’s Why

3 days ago
Shuttered Crypto Bitzlato Exchange Allow Users To Get 50% Of BTC Funds

Shuttered Crypto Exchange Bitzlato Opens Withdrawals For Users

4 days ago
Please login to join discussion

Premium Partners

Premium Casino Partners

Play Finance

Top Casinos

BitStarz
BitStarz
Punt Casino
Punt Casino
mBit
mBit
1xBit
1xBit
UU.Game
UU.Game
K8
K8

Press Releases

  • Chainlink (LINK) And Cosmos (ATOM) Holders Are Boosting...

    2 hours ago
  • 3 tokens under $5 to skyrocket in 2023, Polygon (MATIC)...

    4 hours ago
  • Avorak ICO Third Phase Brings Better Profit Than XRP Price...

    23 hours ago
  • TMS Network (TMSN) Continues its Successful Presale...

    24 hours ago
  • GLITCH (GLCH) Layer-1 Blockchain Preparing for a Breakout...

    24 hours ago

Bitcoin news portal providing breaking news, guides, price analysis about decentralized digital money & blockchain technology.

Bitcoin

  • News
  • Price
  • Businesses
  • Acceptance
  • Technology
  • Investment
  • Regulation
  • Reviews

Altcoins

  • News
  • Price
  • Ethereum
  • Ripple
  • Litecoin
  • EOS
  • NAGA

Categories

  • Blockchain
  • Security
  • FinTech
  • Technology
  • Trending
  • Breaking News
  • Press Releases
  • How to

Pages

  • Contact us
  • Editorial Policy
  • Advertise
  • Crypto Prices from Nomics
© 2023 Bitcoinist.com. All Rights Reserved.
  • Bitcoin
    • News
    • Price
    • Businesses
    • Acceptance
    • Technology
    • Investment
    • Regulation
    • Reviews
    • Gambling
    • All Bitcoin News
  • Altcoins
    • News
    • Price
    • Ethereum
    • Ripple
    • Litecoin
    • EOS
    • NAGA
    • All Altcoin News
  • Tech
    • Blockchain
    • Security
    • FinTech
  • Industry
    • Industry News
    • Press Releases
  • Price
    • Bitcoin Price
    • Ethereum Price
    • Litecoin Price
    • Binance Coin Price
  • How to
    • Buy gift cards/mobile Top Ups with Cryptos
    • What Is Bitcoin?
    • Best Bitcoin Wallet
    • Bitcoin vs Ethereum
    • Why Use Blockchain Technology?
    • Bitcoin Cash ABC vs. Bitcoin Cash SV
    • How to Buy Cryptocurrency
    • Bitcoin Mining
    • Best Bitcoin Brokers
    • Best Bitcoin Forex Brokers
    • How To Earn Bitcoin
    • What is Facebook Libra?
    • Ripple and XRP: The Complete Guide
    • Bitcoin Casinos – Where, What and How to Play
  • Events
  • Play Games
  • Play Casino Games
  • Win 1 BTC
  • Play Finance

© 2022 Bitcoinist. All Rights Reserved.

This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy Center or Cookie Policy.