Ecommerce & Logistics

$3 Million in Bitcoin Stolen from Indian Bitcoin Exchange

Indian Bitcoin Exchange Coinsecure has revealed that 438 bitcoins, at the time valued at over $3 million, were stolen from its wallet. This has been classified as the largest cryptocurrency theft in the country’s history.

The Delhi based Bitcoin exchange points to its own Chief Scientific Officer (CSO) Amitabh Saxena as the culprit. They claim that he was trying to extract Bitcoin Gold (BTG), a hard fork of the original Bitcoin currency, to distribute amongst customers and the funds were ‘lost’ during the process. It’s ironic since Saxena alerted Coinsecure to the theft himself. The exchange claims he holds the private security keys to the system and has carried out the theft himself.

Saxena was hired in September 2017 due to an “extremely strong understanding of the crypto space”. He had previously served at Hewlett Packard and Accenture and published several research articles on Bitcoin.

CEO Coinsecure, Mohit Kalra, claimed that the keys were hacked and that specialists have been contacted to trace the hack. In addition he also told the press that the company had filed an FIR and declared Saxena a flight risk. His Passport was to be seized immediately by the police.

Coinsecure has assured its customers that their funds will be returned irrespective of the stolen Bitcoin being recovered.

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