Indian Crypto Exchange Coinsecure has lost 438 bitcoins worth about $3 million in what is alleged to be a hack by an insider to siphon out cryptocurrencies from the bitcoin wallet.
"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," said the exchange in a statement.
Coinsecure had two days ago requested all users to stop depositing BTC into its addresses with immediate effect until further notice.
Secure Bitcoin Traders Pvt. Ltd., which operates as Coinsecure, said it has already filed a First Information Report (FIR) with the Cyber Cell of Delhi police, which casts doubts on the involvement of its own Chief Scientific Officer Dr. Amitabh Saxena.
Coinsecure revealed that loss of bitcoins is said to have happened during an exercise to extract Bitcoin Gold (BTG) to distribute to customers as its systems have never been compromised or hacked.
The exchange said in its complaint that bitcoins are kept in its bitcoin wallet, who's private keys or passwords are kept with Saxena and CEO Mohit Kalra.
The complaint to the cyber cell, signed by Kalra, notes, "As the private keys are kept by 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 this entire incident."
Kalra also urged the police to seize Saxena's Indian passport so that he is not able to fly out of the country. He requested the matter to be investigated as soon as possible.
Meanwhile, Coinsecure reassured customers that they will be indemnified from its funds irrespective of the funds being recovered.
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