Bitcoin Forum

I read this news here: http://punemirror.indiatimes.com/pune/cover-story/hackers-siphon-off-funds-from-bom-to-invest-in-bitcoin/articleshow/58350202.cms

It says: After analysing the transactions related to misappropriation, the investigation officer had put a debit freeze on the bank account of Zeb IT Services Pvt. Ltd.

So, after today, will ZebPay users be able to withdraw INR from their wallet?

Moreover, it says: The BoM has filed an application in the court, demanding strict action against the companies who are involved in Bitcoin business.

I am surprised to see that Bank of Maharashtra is blaming Bitcoin for their flaw in designing UPI app! Is not it just finding a scapegoat for own fault? I hope, Zeb IT Services Pvt. Ltd files a defamatory lawsuit against Bank of Maharashtra. I'd also like to know how many accounts of them have been frozen?

I second that.Without fixing their own app they started the blame game.Im looking forward to the govt. to bring up a solid regulation in place.

BoM is saying some bull sh*t things in their statement. First of all the UPI is not a secure app, anyone can hack it with little details about the user, secondly the hackers even used RTGS system for their trick.
Zebpay is doing exactly what they said, all the transactions are logged and it'll be easily tracked. So I guess they'll take out the debit freeze soon from their account.

Blaming Zebpay is utter nonsense from BoM. BoM should take responsibility of lack of enough security from their side.

Why is there no official statement from Zebpay in this regard?

Scapegoated..Just like me.

UPI app hacked before a month ago http://www.nagpurtoday.in/upi-bhim-apps-hacked-bank-of-maharashtra-only-bank-to-report-breaches/03200942, instead of rectifying the security issue in UPI app, they are playing the game in the name of Bitcoin ... what a shame.

Can ZebPay users on this forum please confirm this part? Are u guys able to withdraw INR from ZebPay wallet to your bank account as usual or not?

Before your arrest, did you have your bank accounts frozen? Did u have to spend one year in jail without any trial?

Transfer to bank button working properly. Tried cashing out a small amount and it got processed in zebpay app, let's see when it comes to my bank account. Will update soon.

You should receive funds normally. Our all operations are normal. This is very old investigation and in fact we helped authorities, and as a result BOM also, to recover funds. Not sure why BOM is making such arguments. In any case, I personally believe this is growing pain for any new infrastructure level disruptive tech. But we have learnt a lot in this process and we are working very hard to make sure we create a business model and processes that authorities will look up to when they make regulations for digital assets.

Regards
Mahin

But that was not the case in the media and i am not sure what the truth is and if you really are a scapegoat then you should file for defamation against them and only then you could regain your reputation.

May be the media is over hyping the situation by over looking the fact that BOM was not competent enough to safe guard their user accounts and there by was hacked pretty easily and they wanted everyone's focus on bitcoin to be the culprit rather than taking the blame for their incompetency .What i heard in the news is that the entire assets are frozen .

Are u saying that none of the following accounts are frozen and the media report of debit freeze on ZebPay accounts are fake news?

HDFC Bank
Beneficiary Name: Zeb IT Service Private Limited
Account Number: 50200013344750
IFSC (RTGS/NEFT/IMPS): HDFC0000783
Account Type: Current

ICICI Bank
Beneficiary Name: Zeb IT Service Pvt Ltd
Account Number: 029505002974
IFSC (RTGS/NEFT/IMPS) : ICIC0000295
Account Type: Current

Both accounts are active and working. We had issues with one other account which is resolved as of now.

Regards

This is getting scary now. Fortunately Zebpay is still working and issuing withdrawals. They can't just blame bitcoins for their inability to make an app secure. These all companies do the same and blame the victim of frauds instead of accepting their own fault.

Yup. Received my funds in the bank within usual time slot. I don't think zebpay users need to be afraid about it, if am not wrong zebpay will be maintaining more than one accounts to run their business so don't take Indian media too seriously.


That's a real time problem off many establishments nowadays in India, in fact the news channels give literally meaningless news sometimes without even checking it's authenticity also.