Bitcoin worth Rs 20 Cr Stolen from Local Exchange; Insider Job Suspected | CORPORATE ETHOS

Bitcoin worth Rs 20 Cr Stolen from Local Exchange; Insider Job Suspected

By: | April 13, 2018
Cryptocurrencies

April 13: In what appears to be country’s biggest crypto-currency robbery, bitcoin worth Rs 20 crore was stolen from popular cryptocurrency exchange Coinsecure. An official notification was posted by the Delhi-based exchange, reporting that 438.318 bitcoins, amounting to Rs 19 crore, had been stolen from its wallet.

The company has filed an FIR with Delhi Cyber Cell on April 10 alleging an insider job in the act. The company has accused Coinsecure CSO Amitabh Saxena of siphoning off the money from the firm’s wallet. Coinsecure has also urged the government to seize passport of the accused to prevent his departure from the country.

The company filed the FIR after finding that its entire offline bitcoins got vanished. It was later found the private keys were leaked online earlier igniting the hack. The company has also said that its attempt to trace the hackers hit dead end with all the data logs having being erased, leaving no trains to where the bitcoins were transferred.

Digital Wallets including Coinsecure relies on public address and private keys for the transfer of coins. The former are addresses where the funds are deposited, while the latter acts as the secure key to provide access for transfer with a combination of 51 alphanumeric characters.

Coinsecure CEO Mohit Kalra has been quoted as saying by reports that the private keys were kept with Dr. Amitabh Saxena, who is believed to have exported the keys online. The FIR also says that Saxena was forging stories to divert the attention so as to conceal his role in the incident.

The company has however urged users not to worry about balances, re-assuring that affected customers will be indemnified from personal funds of the company.