The Indian cryptocurrency exchange Coinsecure has been in the news lately. After being hacked and $3 million of Bitcoin were stolen (438 BTC) earlier this month, the leading exchange announced that it will delay the reimbursement of its users.
The Delhi-based crypto exchange Coinsecure offered its reason for the lack of progress in the reimbursement. As they announced on Sunday:
“While our last mailer [on April 21] did state that we were hoping to start the disbursement of funds by the end of last week, there has been a delay on that front.”
The exchange also added:
“When investigations are underway, we don’t have much of a say and do need permissions from the authortiies to start the compensation process, which we are yet to receive. We will update you when we have definite dates around the start of the process.”
There has been an ongoing investigation into the theft, coming to the conclusion that this may have been an inside job. Coinsecure has pledged to reimburse the siphoned Bitcoins back to its customers’ account balances if it recovers the stolen Bitcoin.
However, if Coinsecure is unable to recover the stolen Bitcoin, customers will only see 10% of their stolen balance refunded in Bitcoin – and the additional 90% returned in rupees which is India’s fiat currency.
Coinsecure insists that its legal team is working on the case as well as new contracts to all users that hold a balance at the exchange in Bitcoin or Indian rupees. The exchange has not been operational ever since the hack occureed in mid-April this year.
DC Forecasts is a leader in many crypto news categories, striving for the highest journalistic standards and abiding by a strict set of editorial policies. If you are interested to offer your expertise or contribute to our news website, feel free to contact us at [email protected]
Discussion about this post