Inside Job? 438 Bitcoins Stolen From Coinsecure Wallet

Since 1990-91 the construction sector added almost as many new non-farm jobs as the next four top job-generating sectors—trade miscellaneous services transport and storage and education—put together

Coinsecure, one of the leading cryptocurrency exchanges in India, has reported a theft of 438 bitcoin, approximately worth $3.5 million, from the company's bitcoin wallet. The incident is being dubbed as one of the biggest cryptocurrency thefts in the country to date.

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 keys. On 9th April 2018, we were informed by our CSO, Dr. Amitabh Saxena, that 438.318 bitcoins were stolen from the company's bitcoin wallet due to some attack.

According to the TOI report, senior officers of Delhi Police's Cyber Cell confirmed the incident and said the firm, identified as Coinsecure, told them about the theft.

Since the theft, the company's website has been shut and the following message been posted: "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". It later found that users' private keys, which are the passwords it stored offline, were leaked online and led to the hack.

The company tried to trace the hackers, but found that all the data logs of the affected wallets had been erased, leaving no trails about where the bitcoins were transferred.

A case has been registered against Saxena and chief executive officer (CEO) Mohit Kalra at the Cyber cell in New Delhi. "It looks like a crime committed intentionally", he added. He further added that even if funds are not recovered, his company is willing to pay from its own pocket to compensate its customers.

"We are running a Bitcoin Exchange platform where the users can buy and sell bitcoins using Indian currency". Saxena could not be contacted, so right now we only have Coinsecure's statement, however, the company has mentioned on its website that it's working to recover customers' funds, and it reassured all customers that they will be indemnified from Coinsecure's personal funds.

The police have seized the company's servers and found that the private keys, which are never supposed to be connected to an online system, were not only online, but were there for over 12 hours.

The news has come as a jolt for cryptocurrency investors, after RBI recently announced that banks are no more allowed to deal with crypto currency exchanges.

The development comes at a time when the Reserve Bank of India has asked banks and other regulated entities to stop dealings with any kind of cryptocurrenices.

Related News:

  • Trump fundraiser resigns from RNC after payout report

    Trump fundraiser resigns from RNC after payout report

    Cohen and Trump are seeking to force the matter out of court and into private arbitration, where proceedings are confidential. Keith Davidson represented the woman who alleges she had a sexual relationship with Broidy.

    Oil prices spurt as tensions in Saudi-Syria, US-Russia relations rise

    At the time of writing, Brent crude oil futures were up 0.17 per cent at $72.18 per barrel, having hit $72.49 earlier in the day. Prices were also impacted by reports that Saudi Arabia intercepted missiles over Riyadh fired by Yemeni Houthi rebels.
    Video of cop's bravery during YouTube HQ shooting goes viral

    Video of cop's bravery during YouTube HQ shooting goes viral

    Video captured from a bystander that shows an officer's response to the shooting at YouTube's headquarters has gone viral. Aghdam also told police she was in Mountain View because she had not been getting along with her family in San Diego.
  • Last-minute tax tips, ways to increase your refund

    Last-minute tax tips, ways to increase your refund

    University professors are offering their advice to students on how to file taxes and highlighting the resources available to them. Although Americans have been regularly paying income tax for over a century, the first Tax Day fell much earlier in the year.
    Infy Q4 up 2.4%; new CEO Salil Parekh charts out roadmap

    Infy Q4 up 2.4%; new CEO Salil Parekh charts out roadmap

    Ranganath said the firm was generating higher margins in digital deals and is looking to sustain this over the coming months. Besides, the Board has appointed Kiran Mazumdar-Shaw, Independent Director as the Lead Independent Director of the Board.

    UK's Theresa May says Syria chemical weapons can't go unchallenged

    He also questioned why his administration hadn't received more gratitude for dealing with the Islamic State militant group ( ISIS ).
  • Rolls-Royce ups estimate to fix Boeing Dreamliner engines

    Rolls-Royce ups estimate to fix Boeing Dreamliner engines

    In March, Rolls-Royce told airlines to check a specific part of the Trent 1000 engine compressor on all planes earlier than usual. An existing EASA Airworthiness Directive for the Package C engine requires inspections of an IPC blade at certain flight cycles.
    Ex-USC quarterback Mark Sanchez suspended 4 games by NFL

    Ex-USC quarterback Mark Sanchez suspended 4 games by NFL

    He has been mostly a backup since being released by NY after the 2013 season, starting just 10 games over the last four years. His last start was in 2015 with the Philadelphia Eagles and his last win as a starter with with the Eagles in 2014.
    Leafs' Kadri suspended 3 games for hit on Bruins' Wingels

    Leafs' Kadri suspended 3 games for hit on Bruins' Wingels

    The NHL suspended Toronto Maple Leafs forward Nazem Kadri for three playoff games Friday after he boarded Boston Bruins forward Tommy Wingels in Boston's 5-1 Game 1 win Thursday evening.
  • New Bern man arrested on child pornography charges, deputies say

    New Bern man arrested on child pornography charges, deputies say

    An Elkton resident was busted for possession and distribution of child pornography during a raid of his home on Tuesday. The investigation found Sluss had been using a web-based chatting service to access and download child pornography.
    No

    No "final decision" yet on Syria response, White House says

    White House spokesman Raj Shah said Friday afternoon that Trump "is going to hold the Syrian government accountable". Trump said the operation would be conducted in cooperation with the militaries of France and Britain.
    Justice Department Watchdog: McCabe Misled Investigators

    Justice Department Watchdog: McCabe Misled Investigators

    McCabe said he was authorized, as deputy director, to disclose information about the August 2016 call. His lawyer says the inspector general unfairly tried to conclude its work before McCabe could retire.


Most liked

Brooklyn says, 'Salute Mama Winnie Madikizela-Mandela, Mother of the Nation'
The struggle icon died peacefully at Milpark Hospital in Johannesburg last Monday, surrounded by her family and loved ones. Nonhlanhla Sifumba, MMC for community development, said it was an honour to host the tribute to Madikizela-Mandela.

Time Warner (NYSE:TWX) Shares Bought by BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp
Zacks' EPS calculations are a mean average based on a survey of research analysts that that provide coverage for Time Warner. The firm earned "Hold" rating on Monday, February 5 by Cowen & Co. (NYSE: TWX ) on Tuesday, September 15 with "Buy" rating.

Google to launch Gmail redesign in coming weeks
One thing shown that we weren't previously expecting is a new sidebar found on the far right. That means you'll be able to draft and read some emails without an internet connection.

Haley: Trump weighs Syria options six days after alleged chemical attack
While Trump himself was silent on Syria Friday, giving no further clues on whether U.S. military action was imminent, U.S. President Trump has expressed outrage over the deadly assault in the suburb, Douma, and threatened a military response.

Intel Corporation (NASDAQ:INTC) Weekly Ratings on April 13, 2018
Market worth or Market capitalization is calculated by multiplying the price of a stock by its total number of outstanding shares. Following the transaction, the executive vice president now directly owns 112,006 shares in the company, valued at $3,891,088.44.

Walmart Yodeling Boy Mason Ramsey Will Perform at Coachella
Ramsey was captured on video singing " Lovesick Blues " from Hank Williams , the same song that made him famous on the Internet. Twitter user @dubstep4dads was followed by the yodel kid (his real name is Mason Ramsey ).

Star-Lord Makes Fun of Thor In New Avengers
Eagle-eyed fans will, of course, note that many of these characters aren't in their Infinity War costumes. You can check out the rest of the images in the gallery below.

Trump tells Gardner the Justice Department won't interfere with Colorado's legal marijuana
Sessions's approach, US attorneys in states where pot is legal were given approval to prosecute cases where they see fit. At a separate press conference, White House Press Secretary Sarah Huckabee Sanders confirmed that the President and Sen.

Star Wars Battlefront 2's Next Update Lets You Play As An Ewok
As well as bringing back microtransactions, the Endor update will also introduce a brand new multiplayer mode called Ewok Hunt . Thankfully, Crystals can now only be spent on cosmetic "Appearances" - they can no longer be used to get weapons or Star Cards.

Lue plans to use 10-man rotation for Cavs in playoffs
The Indiana Pacers look to make an early statement in this series after being one of the bigger surprises in the season already. The Cavaliers have had a roller coaster of a season and have settled into the fourth seed in the Eastern Conference .

Mississippi Girl Scouts donate cookies to local heroes
Karina, one of the founding members of the troop told Refinery29, "I wasn't expecting [becoming homeless] to ever happen to me". Last July, New York City Mayor Bill De Blasio announced the city would invest $1 million over a three-year period in the group.

Stock is Neither Hold nor sell: Wells Fargo & Company
This repurchase authorization authorizes the financial services provider to buy shares of its stock through open market purchases. Perhaps, that suggests something about why 0.07% of the outstanding share supply is held by institutional investors.

Supreme Court to hear plea on allocation of sensitive cases
The bench also referred to its very recent verdicts, saying it has already held that the Chief Justice is the "master of roster". But before Bhushan's plea could come up in court, a CJI-led bench agreed to hear a similar plea and ruled on it within a day.

The Fortis Healthcare saga continues...here's how it has unfolded so far
IHH Healthcare is offering to pay ~Rs160 per share as per media sources (no announcement from Fortis Healthcare). The scheme is expected to increase patient numbers at private hospitals such as those run by Manipal and Fortis.

Paul Ryan Endorses Kevin McCarthy To Become Next House Speaker
He his support behind his current deputy, House Republican leader McCarthy of California, to take over as House speaker. While Ryan may prefer McCarthy take over as speaker, several wild cards could derail the coronation.