Coinsecure Not Secure?

Coinsecure Not Secure?

Days after RBI’s virtual ban on cryptocurrencies, Coinsecure recently issued a notice confirming yesterday’s rumors about their offline Bitcoin wallets being hacked. The hackers have siphoned off with an astounding 438 BTC (worth more than 3 million USD).

While they claim that it wasn’t a hack, the latest updates from Delhi revealed that there indeed was a leak of private keys of the offline wallets. The updates also say that there was no trace of the hack left behind. The notice, dating 12th April 2018, said:

Dear Users,

We regret to inform you that our Bitcoin funds have been exposed and seem to have
been siphoned out to an address that is outside our control.

Our system itself has never been compromised or hacked, and the current issue points
towards losses caused during an exercise to extract BTG to distribute to our customers.
Our CSO, Dr. Amitahh Saxena, was extracting BTG and he claims that funds have been
lost in the process during the extraction of the private keys.

An FIR has been lodged with the Cyber Cell, Delhi (copy of the complaint enclosed), and
we have expert investigators already on the case.

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.

Coinsecure has always been a progressive company, and we have proven our
commitment towards that. Our Android and iOS apps were recently launched, and we
were at the cusp of moving into a multi-coin architecture before this incident.

We are hoping that as users of Coinsecure, you will stand by us in this hour of need by
providing us with your help and support as we diligently work to ensure that all of our
customers‘ funds are recovered and to leave no stone unturned. Irrespective of funds
being recovered, we re-assure all our customers that you will be indemnified from our
personal funds.

We again take this opportunity to thank you for your continued support and cooperation.

Warm Regards,
Team Coinsecure

The police complaint accused Dr. Amitabh Saxena to be the key perpetrator in the hack. There isn’t much information available about the hack, but as soon as any comes out, CoinFrenzy would have it here! Follow CoinFrenzy’s official Instagram page and Telegram channel to make sure that you don’t miss out on the updates!



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Syed Ali Mudassar
It was when he was pursuing his graduation in Computer Science that he found his flair for writing about new and existing technologies. He likes researching about technologies and how they could help people. Currently, he works as the Content Manager at CoinFrenzy, a leading blockchain news, and media publication website.