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Recently received email from CoinSecure as following.
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Dear Users
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. 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. The Agreement can be downloaded from our website. This agreement will have to be duly signed and delivered to our office along with the documents mentioned in the Agreement before June 30, 2018.
Please note that the last date for submitting claims to us along with all appropriate documents is June 30, 2018. 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.
Thanks
Team Coinsecure
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LOL, they call it ex gratia payment, their own CSO Mr Amitabh Saxena who made such childish mistake and lost our BTC or maybe scammed, and now when time to payback money to owner of hosted BTC they call it ex gratia payment. They also mentioned other documents to be submitted along with documents submitted earlier for claim of refund before 30 JUNE.
They informed this via email today on 26th JUNE, If they really want more documents from user for refund purpose then users have to submit more documents within 4 days or no refund thereafter, on claims.coinsecure.in there are no other printable agreement documents are available to download besides previous printable refund agreement documents.
I think it's time to drag them to the court and claim full refund plus compensation and all the other costs.
Anyone here has received refund so far?
 I think it's time to drag them to the court and claim full refund plus compensation and all the other costs.
Anyone here has received refund so far?
You can drag Benson's Ass to the court room. Anyway, it isn't going to help. They would have already bribed the cops, cyber crime officials and everyone who opens their mouths against them. You know how it works in India. You can easily get away with Child Rape/Murder/Bank Robbery if you can bribe the cops. This is just a mere 'bitcoin theft', I'm sure Benson would have handled it professionally with Mohit. Only an idiot will continue using them or any other Indian exchanges. Spoke to CoinSecure support executive over the phone call regarding refund. I was told that there is no need of submitting of additional documents if previously mentioned refund agreement documents are submitted. I was told it will take about 30 days to get refunds, they will deposit checks to users bank accounts to the users who have submitted self attested refund agreement documents before deadline. I also asked about re-start of this exchange after refunds done, and he said they are not certain about restart of this exchange and it also relies on supreme court and RBI decision about Bitcoin/Altcoin on 6 JUL 2018. As we can see other crypto exchanges are running and payments via banks are being smoothly without any issues. Also the major countries like USA, CAN, UK, FRA, AUS, NZL, JPN, RUS and others has accepted Bitcoin as legal tender or commodity, some countries like RSA, MAL, BRAZIL etc looking forward to legalize Bitcoin into their countries and the other fact is that Bitcoin/Altcoin networks are impossible to terminate, it's just matter of p2p file transfer, so banning of BTC/ALT is useless and perhaps that is the reason above countries legalized cryptos with certain rules to regulate it and taxation on it. Country bans BTC/ALT is likely to go behind in economical race because crypto markets are turned so huge and it may impact on country's economy if banned. Like China banned cryptos in their country and all crypto exchanges and crypto giants fled outside of china and re-established their business. If cryptos are banned in India, only small investors like us will have problems, exchanges and giants will make their way outside India. This is a beginning of Digital Era, crypto lovers might face issues currently but sooner or later cryptos will be full flagged worldwide. CoinSecure users have to wait more to get their money back, hope refunds are made soon. I was also told by support that over 200 refunds are done already, anyone here got refund? |
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Recently received email from CoinSecure as following.
------------------------------------------------------------
Dear Users
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. 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. The Agreement can be downloaded from our website. This agreement will have to be duly signed and delivered to our office along with the documents mentioned in the Agreement before June 30, 2018.
Please note that the last date for submitting claims to us along with all appropriate documents is June 30, 2018. 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.
Thanks
Team Coinsecure
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LOL, they call it ex gratia payment, their own CSO Mr Amitabh Saxena who made such childish mistake and lost our BTC or maybe scammed, and now when time to payback money to owner of hosted BTC they call it ex gratia payment. They also mentioned other documents to be submitted along with documents submitted earlier for claim of refund before 30 JUNE.
They informed this via email today on 26th JUNE, If they really want more documents from user for refund purpose then users have to submit more documents within 4 days or no refund thereafter, on claims.coinsecure.in there are no other printable agreement documents are available to download besides previous printable refund agreement documents.
I think it's time to drag them to the court and claim full refund plus compensation and all the other costs.
Anyone here has received refund so far?
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I bet if BTC price goes under 400K INR, they will announce they have recovered lost BTC and refund will be made in BTC.
Hmm, they've said: 10% in BTC and 90% in INR at rate of 9th April 2018. So at this point, it does make sense to refund in BTC, but this only if they DO have the bitcoins or the funds to buy new ones. Which I do doubt. I submitted required documents for refund 19 days ago, I also confirmed via support email that they received documents and it's verified and i was told i will receive fund within 10-15 days, no fund received yet. Finally when i contacted to their phone support and they said that they ran out of funds and waiting for more funds, once they get funds they will process 10-15 transactions per day so i will receive funds after 2-3 weeks.
Is there anybody that has received a refund till now? I checked 3 threads about coinsecure and there is no proof of a happy ending. Finally when i contacted to their phone support and they said that they ran out of funds and waiting for more funds I wonder where those funds can come from.... And more interesting, the exchange is down, right? How are they still making money or how do they plan on doing in the future? Guyz, BTC under 400K INR now, we have signed refund documents to receive refunds of BTC at price 438K INR per BTC. I have submitted refund documents long ago no refund is received yet. Most interesting thing now is, are they gonna still refund BTC balance in INR at 438K INR price or they will change refund policy to refunding in BTC or they come up with new story that lost BTC are recovered? I am so excited to hear from CoinSecure, they are caught in their own trap now. In last conversation with CoinSecure Team I was told that they gonna pay refund by check because e-transfer is no more available by bank for them. While all other Indian crypto exchanges send funds in minutes after withdrawal request via IMPS without any issue. Let's see what next they announce. |
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I registered to this exchange but can't deposit funds without phone verification, i submitted my phone nos but no sms received with code. How to verify phone no.? |
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I submitted required documents for refund 19 days ago, I also confirmed via support email that they received documents and it's verified and i was told i will receive fund within 10-15 days, no fund received yet. Finally when i contacted to their phone support and they said that they ran out of funds and waiting for more funds, once they get funds they will process 10-15 transactions per day so i will receive funds after 2-3 weeks.
I bet if BTC price goes under 400K INR, they will announce they have recovered lost BTC and refund will be made in BTC.
Such poor hack story, then self attested documents for refund process and now delay in refund, soon new announcement they will refund in BTC.
This drama is going on for over 2 months, donno when it will end?
I think one should report this thru a good lawyer to request authorities to seize their all assets.
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Has claims process started? Has anyone received any refunds till now? What is the last email update from them,?
Yesterday received reply to my support email as below. ----------------------------------------------------------------------------- Kavitha (Secure Bitcoin Traders Pvt. Ltd.) May 1, 6:29 PM IST Hi, When investigations are underway, we don't have much of a say and do need permissions from the authorities to start the compensation process, which we are yet to receive. We will update you when we have definite dates around the start of the process Please do bear with us as we are working on multiple fronts to resolve the issues at the earliest. Warm Regards, Kavitha Team Coinsecure ------------------------------------------------------------------------------ I think we users should start king actions against Coinsecure as soon as possible. Bitcoin is a digital asset and it has economical value, any assets which has economical value is considered as concept of property by private law and penal code. We would not take them our assets which has good current economical value and it will have even more value in future. An assets which has no economical value but has only sentimental value is considered as concept of property in penal code but not considered as concept of property in private law. While Bitcoin has economical value so Bitcoin is concept of property in penal code and in private law as well. So Coinsecure can not just pay anything as compensation and lift their hands saying that there is no law for bitcoin in India and Bitcoin is not legalized in India. There is the law for assets which has economical and sentimental value or only sentimental value whether it's physical or digital assets. Coinsecure team trying to fool users, they came up with fake hack story and now refund of BTC with 10% in BTC and 90% in INR at price of 9th April. They think there is no law or no legalization of Bitcoin in India can give them an ease of stealing users money. Do they know what is concept of property in Indian Private Law and in Indian Penal Code? Any coinsecure user who has BTC with coinsecure can open case against coinsecure for stealing of assets or taking away of assets by tricking if they don't refund balance of BTC in BTC or in INR at the rate of the day they refund. |
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if Coinsecure has/is arranging funds for the BTC stolen then they can and must buy BTC now and reimburse to us as soon as they can.
10% BTC is a laugh on our face IMO
Even if They give INR immediately then at least we can buy BTC at current rate and suffer less loss and looks somewhat justified.
What use will be INR if it reaches us much later when BTC rate would be higher like last year rally.
This is just a hack drama to take our BTC at low rate, everyone knows BTC price likely to hit $50k by end of this year, They know it well and want to make huge profit from our BTC. Don't let them do that, all coinsecure active users should write to them, those who living in Delhi or around should visit their office regarding this. If they do not pay back BTC balance 100% in BTC or INR at the rate of the day they refund then all should file complaint against Coinsecure as fraudulent at local police or consult lawyer/consumer court lawyer regarding this. Everyone knows ? How do you know it will hit $50k by the end of this year? Remember - "nobody knows if it is gonna go up, down, sideways or in fucking circles, least of all brokers, right?" BTC price up over 50% since 9th April 2018. Do you have BTC with Coinsecure.in? Those who bought BTC >1000000INR price and if refunded 90% of BTC balance in INR at rate of 9th April = >400000INR/BTC, they will lose over 70%, if they go buy BTC with refunded INR they will only get half of their BTC balance they had with Coinsecure. Are you working for Coinsecure? Google BTC price end of this year predictions by experts, it's likely to hit $50k. Who will pay Coinsecure users loses caused by a bloody so called computer scientist's mistake or exit scam plan of Coinsecure? they haven't updated detailed hack story too. I have spoken to my lawyer, if they don't refund in full I can file case as fraud against them. If I don't get full refund in BTC I will report FIR at local police and will file a case against Coinsecure to Cyber Crime Control and Consumer Protection.Currently there is no rules for Bitcion Altcoins, but Bitcoins Altcoins are digital assets and stealing or taking away any assets by tricking or cheating is an offence by law according to Indian Penal Code (IPC) Section:420. Indian Penal Code (IPC) Section:415, Section:420, Section:421, Section:422, Section:423, Section:424, Section:425 will be applied in such cases. |
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According to their new update they are just going to take more time to refund the user's.
This process is gonna take more than at least 3 months for sure.And they will blame it on the authorities for being slow.
No reply from Benson on this forum either, looks like they just want to play with time and are waiting for the storm to go away.
Anyways, those shitheads have already destroyed the image of bitcoins and only a fool will support them.
Alert Coinsecure.in Users This is possibly exit scam plan of Coinsecure. This might be an exit scam plan of coinsecure to get away with clean hands.
This hack story is proven to be a fake hack story.
This is maybe the first bitcoin hack story in crypto history with such poor excuse.
Any experienced CSO would never use private key of active BTC wallet for fork coins in first place.
Even if it is necessity of active BTC wallet private key to be inserted, nobody will insert all keys at once rather start with a key of wallet which has a small amount of BTC.
According to their update and blockchain details hacker took 6:30hrs to transfer BTC to his address and CSO called CEO and others onto conference call soon after all BTC were transferred.
Was CSO waiting for hacker to take all funds away before informing to CEO and others?
If he knew BTCs are being sent to unknown addresses, why didn't he inserted keys of the rest of BTC into other wallet and moved coins out of stolen keys wallets to save whatever BTC he could?
If he only knew this hack after all funds transferred, did he knew it only soon after all funds were stolen? not even one hour before all funds transferred nor an hour later?
139BTC were lying in so called hacker's first wallet for over 6 days, anyone heard before that hacked coins kept in first address of hacker for more than few hours?
What is the proof they have that stolen BTC funds are users funds not their personal funds?
438BTC was total BTC funds of coinsecure users balance?
If they want to refund to users why not in few days, why taking weeks?
90% of BTC balance in INR at rate of 9th April and 10% in BTC, Is this a joke?
Are they aware of how much user will lose if they refund this way and who will use Coinsecure.in after this?
Do you think this decision of this type of refund is wise, does it look like they interested in restart crypto exchange business again?
This is looks like exit scam of Coinsecure, users should file complaint against Coinsecure at local police and Cyber Crime Control authority of India.
All Coinsecure users should take action before they execute their exit scam plan and get away with clean hands. |
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Even if They give INR immediately then at least we can buy BTC at current rate and suffer less loss and looks somewhat justified.
What use will be INR if it reaches us much later when BTC rate would be higher like last year rally.
What if the BTC prices go down in 3 months ? Say 50% of today's value ? Will you be still wanting it in BTC from coinsecure ? Of course even if BTC price down to 50%, i would still want BTC for my BTC balance at Coinsecure. |
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if Coinsecure has/is arranging funds for the BTC stolen then they can and must buy BTC now and reimburse to us as soon as they can.
10% BTC is a laugh on our face IMO
Even if They give INR immediately then at least we can buy BTC at current rate and suffer less loss and looks somewhat justified.
What use will be INR if it reaches us much later when BTC rate would be higher like last year rally.
This is just a hack drama to take our BTC at low rate, everyone knows BTC price likely to hit $50k by end of this year, They know it well and want to make huge profit from our BTC. Don't let them do that, all coinsecure active users should write to them, those who living in Delhi or around should visit their office regarding this. If they do not pay back BTC balance 100% in BTC or INR at the rate of the day they refund then all should file complaint against Coinsecure as fraudulent at local police or consult lawyer/consumer court lawyer regarding this. |
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We still maintain our banking relationships and have never maintained a fractional system on coinsecure, so, all fiat funds were always safe and withdraw-able.
Are you sure that allowing for withdrawal of fiat funds is the right approach to be followed? Sorry to bring up an extreme scenario - but what happens in the case of a liquidation? All creditors of Coinsecure (i.e. customers) should have equal access to the left over assets. It shouldn't matter whether customers have stored assets in the form of bitcoins or fiat, and what is the form of assets which have been stolen. The above approach is what has been followed in the case of other hacks - including Bitfinex. If Coinsecure is able to absorb the loss, then the approach followed really does not matter. for the fellow users, they'd at this moment be happy enough if they can get funds out in ANY form. People won't be really concerned about getting INR for their BTC, but question is when will they really get their money and if they ll even get it or not. I remember going to the print contractor just below coinsecure office where they were getting ads , papers and stuff printed, sad to see what has now happened to the company. Any chances of bounce back? I would be happy if i get my funds back in any form either BTC or Fiat (INR), but refund in BTC must be full balance or refund in INR must be at the rate of BTC/INR on the day of refund, not at the rate of 9th April. My BTC at Coinsecure was since BTC price >1000000INR so if i get refund in INR at current rate then I can buy again BTC from that money and store somewhere else until i get my price. If they refund 10% of BTC balance in BTC and rest 90% in INR as of rate on 9th April 2018, then it would >60% loss for me. There must be some Coinsecure users who have bought BTCs at the rate of >1300000INR also, if they get refunded 90% of BTC balance in INR at the rate of 9th April it would be >70% loss to them, i don't think any of Coinsecure users would like to get refunded BTC balance in INR at the rate they have locked. The decision/idea of refunding back BTC balance in INR at the rate they locked is totally insane, looks like they have pocketed enough money and up to quit business. Who will use Coinsecure if they make innocent users pay for mistake/scam done by their own? If Coinsecure wants to stay in Indian Crypto Market, they have to make full refund to the users, else they'll be off the Crypto Game in India. |
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Please read my email conversation with Coinsecure support regarding full refunds of BTC, It's been 2 days now but no further updates from Coinsecure. ------------------------------------------------------------------------------------------------------------------------- Kavitha (Coinsecure - Support) < support@coinsecure.in> To: Zuber Amla 17 Apr at 3:06 PM ##- Please type your reply above this line -## Your request (79635) has been updated. To add additional comments, reply to this email. Kavitha Kavitha (Secure Bitcoin Traders Pvt. Ltd.) Apr 17, 3:06 PM IST Hi, We will send out further communication on that by tonight. Our team is working with authorities to arrive at the best options for all our users. Thank you for your understanding. If you have any other queries please email us at support@coinsecure.in or Call us on +91 98711 15455. (11am - 8pm, Monday – Saturday) Warm Regards, Kavitha Team Coinsecure Zuber Amla Zuber Amla Apr 17, 1:54 PM IST Hello, Funds are lost due to mistake made by your CSO and given hack story is not acceptable also, maybe this is the first Crypto Exchange hack story with such poor excuse.I want my BTC balance refunded in BTC not in INR at price of 9th April, I am holding *.***+ BTC since price was >1000000INR, Also read users posts on Bitcointalk forum thread https://bitcointalk.org/index.php?topic=3314633.0Thank You |
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All users who have their BTC with coinsecure should write to coinsecure that they want their BTC balance refunded fully in BTC not in INR.
If they don't agree to pay full refund in BTC for BTC balance then users should file fraud case against CoinSecure. Grahak Suraksha, Consumer Courts are also there to fight fraudsters with no fees.
I am a user of CoinSecure since 2016 and i visit CoinSecure regularly, I have noticed that CoinSecure's trade volume constantly dropping from last few months due to BTC price fall and other BTC to INR exchanges opened who provide better support and fast transactions. They were battling to create volume and they were also delaying in Fiat withdrawals.
This is not a hack, possibly whole story is a stunt to profit out by refunding in INR at low price and relief of $3.6 million in taxes. 438BTC are gone nowhere, they are by them and once investigation is over these funds will be exchanged. $3.6m so called loss for CoiSecure maybe profit of millions of dollars.
Indian government should take strong actions agaist CoinSecure and Cyber Cell should investigate hard and expose this scam.
Why used BTC active address for BTG fork coins, why not moved funds to other wallet first?
Gave 6 hours time to hacker for transferring funds to hackers BTC address?
Mr Computer Scientist called CEO CTO onto a conference call after each and every BTC was moved to hacker's address?
Or Mr Computer Scientist only knew the funds are stolen soon after all BTC were moved? not even an hour before or an hour later?
What wallet was used for fork?
How the system was compromised to steal keys if no virus found?
This is a matter of ~22crore, can't polygraph (Lie detector Test) admitted by court if appealed?
CoinSecure guys think lack of crypto knowledge in Indian crypto users will make all users believe whatever story they come up with.
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may be this hack is real because transfers are in small amounts .. seems like attacked
If it was a hack, transfers would have done in minutes or hours and mixed within 24 hours, last transfer from so called hacker's wallet 139+ BTC on 16 April 2018. 8 days to transfer BTC from first address. Hacker and Coinsecure+Cyber Cell playing Hide n Seek? |
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The good news is that they are atleast going to refund the money in rupees which I suppose would be a great relief for their customers.
Exactly. Its good to see Coinsecure taking this on them to assure a refund unlike other hacks for example 'Shitgrail' where the main guy from the exchange started blaming the developers and problem with nodes. And to the people demanding a full refund in BTC, I am sorry for your loss. But be happy you are getting at least your money back. The good news is that they are atleast going to refund the money in rupees which I suppose would be a great relief for their customers. They are also giving a bounty of 10% of the hacked funds, if someone is able to recover the hacker money. Hope the police are doing a deep background check on the employees and the owners of this company to identify who stole the money. Please read OP . They promise to refund, 10% in BTC and 90% in INR at rate of 9th April 2018. As you can see BTC price is up over 25% from price of 9th April. Who will pay loss >25% on 90% of users BTC held at Coinsecure. Like i have about 0.1BTC with coinsecure from the time BTC/INR price was >1000000, my investment ~100000 INR, i was waiting for my price 1000000INR, now if siphoned funds not recovered i will be paid back 0.01BTC and <36000 INR for rest 0.09BTC, so it would be >50% loss to me. There must be other users bought tens BTC at price >1300000, what will be their loss and who will pay it. hmm, 25% to 50% loss, good relief! |
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Who can believe that a computer scientist with over 20 years of experience, worked for computer giant like 'hp' can expose private keys of 438+ BTC for fork coins without moving BTC funds to other wallets?
Does Mr Benson believe this?
There was no necessity to insert private keys of active BTC wallet for BTG fork, even if it was necessary to insert private key of active wallet for fork coins, a cryptonoob would also start with small amount at first.
I am not crypto expert nor computer geek, still this story is unacceptable to me.
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This is confirmed inside job and whole Coinsecure Team is seems involved in it. And they reading this thread too.
In my preivious post in this thread i stated BTC addresses where stolen funds are lying and today they moved BTC funds to other P2SH wallets.
This clears that this job is done by CoinSecure member or entire team. If it was a hacker from outside he/she would never try to send BTC out of those addresses i mentioned above.
They never transferred out any BTC from address 1BaEJquitskdXcTj53Uy6PuUtJ5a8ETWpA after 13-04-2018, but today they transferred all 139+ BTC out to P2SH wallet address.
Hacker is insider and reading this forum as well, i think.
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