Coinsecure Offers A 10% Bounty On $3 Million Theft

The Indian’s largest cryptocurrency exchange Coinsecure has been hacked last week. The amount that got stolen is nearly $3 million. Despite everyone’s craze about it, the crypto exchange decided to make something good out of the situation – deciding to reiterate is intention to refund its customers.

A majority of the stolen funds could be paid in Indian rupees instead of Bitcoin – especially if the siphoned bitcoins are not recovered. As the Delhi-based Coinsecure announced on their website this weekend, all of their customer deposits in Indian rupees are safe following the heist of over 438 Bitcoins from the company’s wallet.

Currently, there are many customers who expect to see their accounts’ balances refunded in Bitcoin. However, if that doesn’t happen, the users will be likely to see a majority of their stolen Bitcoins to be returned as Indian rupees.

As the exchange officially announced:

“If recovery of siphoned BTC is not possible, then we will apply the lock in rates as of the 9th of April, 2018. 10% of the Coin Holding Balance will be refunded in BTC and 90% will be returned in INR [Indian rupees].”

What’s very interesting is that Bitcoin price is making gains ever since this theft (when it was just under $6,850). Currently, Bitcoin is sitting at $8,131 and rising over the past couple of days.

Meanwhile, the exchange is working to recover the stolen Bitcoins. While they first blamed their own CSO (Chief ‘Scientific’ Officer) Amitabh Saxena for the theft, they now announced that a bounty of 10% (around $356,000 is being offered to any information leading to the recovery of the funds:

“We are working with global exchanges and experts to help us track the movement of the funds. We are happy to issue a bounty of 10% to the community for help rendered for recovery of BTC.”