Crypto Exchange Coinsecure Begins Compensation Process For $3.3M Theft

News | June 28, 2018 By:

India-based crypto exchange Coinsecure has started the compensation process for customers who were affected by the theft of 438 bitcoins earlier this year.

On April 9, the Indian crypto exchange announced that 438.318 bitcoins (approx. $3.3M USD) were stolen from its bitcoin wallet. At the time, Coinsecure accused its CSO, Dr. Amitabh Saxena, in playing a role in the heist when he was processing Bitcoin Gold extractions.

In an announcement on its website on Tuesday, Coinsecure said that it will begin processing customer claims for compensation in rupees. Affected users must sign an agreement absolving the company of any future liabilities and the agreement has to be presented in person to Coinsecure’s office in Delhi by June 30.

“We are happy to inform you that we have started the process of compensating our customers in Indian Rupees, ex gratia, for the loss of their bitcoins in the attack that occurred on April 9, 2018,” the exchange said. “Users will be required to sign an agreement releasing Coinsecure of any future liability and provide certain other documents in order to receive the payment. We will not entertain any claims received after June 30, 2018 and we shall have no liability towards any users who try to submit claims after the said date.”

Previously, Coinsecure had stated that for compensating its customers it “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 INR.” It also offered a 10% bounty to information leading to the recovery of the stolen bitcoin.