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Coinsecure reports $3.5 million bitcoins are missing

Coinsecure reports $3.5 million worth of bitcoins are missing

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Indian-based cryptocurrency exchange Coinsecure has announced that 438.318 bitcoins, or $3.5 million at the current bitcoin price, are missing and it’s putting the blame on its chief security officer.

Coinsecure, one of India’s biggest cryptocurrency trading platforms, posted a message on its website detailing the possible heist of the bitcoins.

The company message states that the cryptocurrency has been siphoned to an address that is outside of their control.

“Our system itself has never been compromised or hacked, and the current issue points towards losses caused during an exercise to extract BTG (bitcoin gold) to distribute to our customers,” the post from Team Coinsecure reads.

“Our CSO, Dr. Amitabh Saxena, was extracting BTG and he claims that funds have been lost in the process during the extraction of the private key.”

To access the funds stored on Coinsecure’s secure bitcoin wallet, one needed private keys to be allowed to move the money. Only two people were privy to the keys, Saxena and Coinsecure CEO Mohit Kalra.

For this reason, Kalra believes Saxena may have had a role to play in the missing bitcoins. Coinsecure’s parent company, Secure Bitcoin Traders, filed an FIR (first information report) on April 10 with local police urging them to bar Saxena from leaving the country until the investigation is complete.

The complaint states that Saxena informed Coinsecure on April 9 that the 438.318 bitcoins were stolen from the company’s wallet due to an attack.

“As the private keys are kept with Dr. Amitabh Saxena, we feel that he is making a false story to divert our attention and he might have a role to play in the entire incident,” the complaint reads. “The incident reported to us by Dr. Amitabh Saxena does not seem convincing to us.”

Customers of Coinsecure need not worry about their money. The company said it will reimburse customers from its own personal funds.

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