[2018-04-22] Coinsecure Prepares Customers’ Claims Process For Stolen Bitcoin

[BitcoinArsenal]

Indian cryptocurrency exchange Coinsecure has advised users on its website that it has been working with authorities since last week’s theft of 438 bitcoins and has asked for patience as it prepares the claims process. The company’s legal team is reviewing contracts and preparing the claims form for users to peruse. The exchange has been “flooded with calls” for the past few days.
Full article on CCN

[aso118]

Indian cryptocurrency exchange Coinsecure has advised users on its website that it has been working with authorities since last week’s theft of 438 bitcoins and has asked for patience as it prepares the claims process. The company’s legal team is reviewing contracts and preparing the claims form for users to peruse. The exchange has been “flooded with calls” for the past few days.
Full article on CCN

Of course the exchange will be flooded with calls. Customers who have lost their substantial savings are not going to sit back and relax when their bitcoins have effectively been lost. What especially irks them is the fact that this appears to be an inside job.

[Harlot]

With this kind of bad news it is only making the Reserve Bank of India (RBI) look right on preventing banks to entertain transactions involving exchanges. This is a massive hit for them as it is giving RBI some kind of leverage on saying that Bitcoin attracts criminals and is taking advantage of this asset for existing virtually. The company, Coin Recoil who is appealing to the Delhi Court would most certainly defend their business in this kinds of online robbery. They have to explain that instead of blaming the exchanges to this incident they should be preventing this kinds of crimes.