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Indian Exchange Coinsecure Users Must Wait To Be Reimbursed After Hack

The Indian Exchange Coinsecure, the one that suffered a massive hack that affected an important number of their bitcoin holders and suffered losses for more than 3 million dollars, has declared to their customers that they have postponed the reimbursement of crypto assets till the investigation of the hack have concluded and all the responsibilities have been determined. In this sense, the mail that was sent to the affected users states:

“WHEN INVESTIGATIONS ARE UNDERWAY, WE DON’T HAVE MUCH OF A SAY AND DO NEED PERMISSIONS FROM THE AUTHORITIES 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.”

The investigation is still underway, but everything points that this could be an inside job. Declarations of the crypto exchange CEO Mohit Kalra, have pointed at the security chief of the exchange at that time, Mr. Amitabh Saxena, as a possible responsible of the facts that happened when their team was distributing bitcoin gold, a fork of bitcoin.
Supposedly, according to Kalra’s declaration, the security chief was the only one that had access to the private keys of the wallets of the exchange, and he committed a grave mistake by storing them without proper security. He exported them online in plain text format, something that must never be done. Kalra also affirmed:

 “PRIVATE KEYS SHOULD HAVE NEVER BEEN EXPORTED ONLINE. IT LOOKS LIKE A ‎CRIME COMMITTED INTENTIONALLY. WE HAVE SHARED OUR SUSPICIONS WITH ‎THE CYBER CELL, AND CONTACTED SPECIALISTS TO FIND OUT THE SOURCE OF THE ‎HACK AND TRACE THE BITCOINS”

Luckily for the users, the directive of Coinsecure has secured that it will pay customers even if they have to use their own funds and that he will do so even if the stolen bitcoin is not recovered, but only after the investigations are concluded.

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