News

Coinsecure offers 10% bounty on $3 million theft, a majority of the stolen funds can be paid in rupees instead of bitcoin

Indian cryptocurrency exchange Coinsecure has reiterated its intention to refund customers after last week’s $3 million theft. A significant majority of the stolen funds could be paid in Indian fiat rupees instead of bitcoin – if the siphoned bitcoins aren’t recovered. But if the exchange recover all of the siphoned bitcoins over an ongoing investigation, customers can expect to be see their accounts’ balances refunded in bitcoin.

«However, if recovery of siphoned BTC is not possible, then we will apply the lock in rates as of the 9th of April, 2018. 10% of the Coin Holding Balance will be refunded in BTC and 90% will be returned in Indian rupees», – explained Coinsecure.

Bitcoin price has made notable upward gains since close of trading on April 9 when it was valued at just under $6 850 per coin. Coinsecure users stand to lose over 18% in bitcoin value gains if the exchange is unable to recover the stolen bitcoins.

A wallet address to which all 438,318 bitcoins have been siphoned is now empty.It has been emptied altogether over a span of over two dozen transactions siphoning away bitcoins in small sums to various addresses. Coinsecure is working with global exchanges and experts to track the movement of the funds.

Earlier Coinsecure sought help from the Bitcoin community at large to identify the hacker and aid the exchange in recovering the stolen funds. A bounty of 10%, around $356 000 is being offered to any information leading to the recovery of funds.