The company has launched a complaint with the Cyber Cell in Delhi and is also conducting an investigation with the help of cybersecurity experts.
The private keys are required to move cryptocurrency out of bitcoin wallet. The company its bitcoin exchange for the domestic market on January 1, 2015. But police found that not only were the private keys online, they were kept like that for more than 12 hours.
Ningning Niumai, founder of Greymeter, a social network for college students and young professionals tweeted that Dr. Amitabh Saxena was appointed nearly 6 months ago by the company, therefore, handing over private keys of Coinsecure is very suspicious.
The heist at one among India's top three crypto-currency platforms at a time when banks have been shying from processing crypto after a note by the Reserve Bank of India, further only raises eyebrows.
Late yesterday, Indian cryptocurrency exchange Coinsecure (which now seems like an ironic name) announced that the exchange had lost of some of its bitcoins during an exercize to distribute BTG to its customers. "It looks like a crime committed intentionally", he added.
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In the notification issued to its users, the company states, "We are working round the clock to restore services and to try and recover all of the lost funds, and we shall keep all our users posted on the outcome of the details to ensure utmost transparency". "So the whole locus of Coinsecure can be affected in this case".
Our CSO, Dr. Amitabh Saxena, was extracting BTG and he claims that funds have been lost in the process during the extraction of the private keys.
Coinsecure recruited Saxena as its Chief Scientific Officer in September 2017, citing credentials as a professor of Computer Science in Australia and previous tenures at Hewlett Packard (HP) and Accenture. "We have shared our suspicions with the Cyber Cell, and contacted specialists to find out the source of the hack and trace the bitcoins", Kalra said, adding that even if funds are not recovered, his company is willing to pay from its own pocket to compensate its customers.
According to the police complaint (pinned below), Coinsecure CEO Mohit Kalra, who holds the private keys for the company's wallets along with the CSO wrote: "On 9 April 2018, we were informed by our CSO, DR. Amitabh Saxena, that 438.318 bitcoins (worth INR 19 Crores - Approx.) were stolen from our company's bitcoin wallet due to some attack". The website of the company has since then remained shut. The company suspects an inside job. Share your views in the comments section.