India’s Coinsecure Loses $3.3M in Suspected Insider Bitcoin Heist

Indian crypto exchange Coinsecure has lost nearly $3.3 million worth of Bitcoins in what appears to be an inside job.


by
Komfie Manalo,
1 hr ago









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Coinsecure, India’s top cryptocurrency exchange operator, has failed to live up to its name, losing around 438 Bitcoins worth some $3.3 million in what is the country’s largest cryptocurrency theft to date. According to the New Delhi-based company, the coins were most likely pilfered by one of its executives.

Coinsecure said on its website:

“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. Our system itself has never been compromised or hacked, and the current issue points towards losses caused by an exercise to extract Bitcoins to distribute to our customers.”

In an FIR filing, Coinsecure hinted that its chief security officer Amitabh Saxena is likely involved in the heist, siphoning off the money from the company’s wallet. The company added it would leave "no stone unturned" in its efforts to recover the stolen coins in full.

Coinsecure said it was cooperating with the authorities in the investigation and promised to compensate its customers with money from its own funds.

Inside job

In his letter sent to the Delhi Cyber Crime Cell, Coinsecure founder and CEO Mohit Kalra pointed an accusing finger at Saxena, saying the security chief was likely involved in the theft and the loss of the private key.

Kalra stated in his letter:

"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."

Japanese digital currency exchange Coincheck reported the largest crypto hacking incident in history when more than $550 million worth of NEM coins were stolen from its platform in January this year.

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