One of India’s most prominent digital currency exchanges, Coinsecure, recently confirmed a heist in which they lost 438 Bitcoins valued at around $3.3 million.
Mohit Kalra, the CEO of Coinsecure, suspects that Chief Strategy Officer Amitabh Saxena stole the missing funds from the exchange’s central wallet.
The company reported this incident soon after a number of customers complained about difficulties while trying to withdraw funds.
Coinsecure later dispatched email notifications to their users and also released an official report confirming the occurrence.
In the statement, the platform outlined that their Bitcoin funds had apparently been exposed and appeared to have been expertly syphoned out to an untraceable account.
Coinsecure also accompanied these claims with a scanned police complaint copy which was filed with the authorities by Kalra. The CEO also filed a First Information Report (FIR) with New Delhi’s Cyber Cell.
Coinsecure CSO Gone Rogue?
According to the exchange, Amitabh Saxena, the platform’s CSO, is the primary suspect.
As relayed in public statements, Coinsecure assures that the exchange has not been hacked or compromised. In fact, it states that the latest occurrence only happened because of an exercise by the company’s CSO where he was extracting Bitcoin Gold (BTG) to dispatch to the exchange’s clients.
Coinsecure also added that Saxena, the CSO, claims that these funds went missing while he was extracting private keys to dispatch to clients. Saxena, however, blamed “some attack” for the loss of funds.
Nonetheless, in the statement issued to the authorities by Kalra, he outlines that the CSO is making up false statements to divert the attention. He also adds that Saxena might have had a role in the whole ordeal and indicates that the officials of the company don’t seem to be entirely convinced by his explanation.
Interestingly, only two individuals in the company can access the private keys of Coinsecure’s official wallet—the CEO and the CSO.
Following this turn of events, Kalra, has requested the New Delhi authorities to seize Saxena’s passport. This is on fears that the CSO may decide to flee the country soon.
Coinsecure is a digital currency exchange based in New Delhi, India. Established in 2012, its primary objective was and is still is promoting not only digital currency awareness but also enticing prospective enthusiasts to join the cryptocurrency realm.
Media outlets as well as organized meetups across India have sparked momentum and steered through the adaptation of cryptocurrency.
The Coinbase exchange operates under the motto “Connecting India to Bitcoin,” which has allowed the company to build up next-generation submissions for India’s cryptocurrency ecosystem.