Coinsecure to return people’s money in INR

Coinsecure, the first Indian exchange that was hacked on 9th April 2018 and almost 20Cr ($3 Million) worth of Bitcoin were stolen, has issued an update on the ongoing investigation. Coinsecure posted on their website that all of the funds in Indian Rupee (INR) are safe and only the funds in Bitcoin have been affected.

Coinsecure explained:

Through the course of the investigation, should we be able to recover all of our BTC, all our customers’ BTC holdings will be refunded as per the balance they held with Coinsecure. 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 INR.

Coinsecure has blamed their Chief Security Officer (CSO), Mr. Amitabh Saxena for stealing the funds and even asked Mr. Saxena to revoke his passport so that he can’t leave the country until the investigation is going on.

The price of Bitcoin has rebounded from $6773 on 9th April to $8158 on 17th April, which means users will lose almost 17% of the Bitcoin value.

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