India's biggest crypto theft

Hackers stole nearly 440 bitcoins that worth Rs 20 crore from the leading bitcoin exchange firm Coinsecure that has more than two lakh users across the country. It is billed as India’s biggest crypto theft.

Delhi Cyber Crime Investigation Cell confirmed the incident and a case was registered. The company said they are trying to track down the hackers but all the access logs have been removed and no trials left to detect where the coin’s transferred.

What causes India’s biggest crypto theft?

On Thursday night company confirmed the hack, it was found that funds have been lost and the company issued the statement on the same.

Also Read Biggest Crypto Attacks that took place in 2018

“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” reads the company statement.

Our system itself has never been compromised or hacked, and the current issue points towards losses caused by an exercise to extract BTG to distribute to our customers. 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.

Coinsecure CEO Mohit Kalra told TOI that possibly it could be an insider activity “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,” Kalra said.

India's biggest crypto theft

Also, Coinsecure filed an with Cyber Crime Investigation Cell accusing the company’s CSO Amitabh Saxena of transferring money with company’s wallet and urged to seize his passport reports Economic Times.

Cybersecurity experts confirmed the company never kept the private keys connected to the online system, they are also checking if malware infection led to the hack.

“We are working round the clock to restore services and to try and recover all of the lost funds, Irrespective of funds being recovered, we re-assure all our customers that you will be indemnified from our personal funds” reads the company statement.